Con tents
 FI NAN CIAL OPERA TIONS JUNE 2001
 

PRO FILE OF THE ECONOMY 

Anal y sis.—Sum mary of economic indi ca tors ............................................................... 3
 

FED ERAL FISCAL OPERA TIONS

In tro duc tion.—Fed eral fiscal oper a tions ................................................................... 9
 

Anal y sis.—Bud get results and financ ing of the U.S. Govern ment and second-quarter receipts by source ............... 10
 FFO-A.—Chart: Monthly receipts and outlays ............................................................. 12
 FFO-B.—Chart: Budget receipts by source ................................................................ 12
 

FFO-1.—Sum mary of fiscal oper a tions................................................................... 13
 FFO-2.—On-budget and off-budget receipts by source....................................................... 14
 FFO-3.—On-budget and off-budget outlays by agency....................................................... 16
 

FFO-4.—Sum mary of U.S. Govern ment receipts by source and outlays by agency, 
 March 2001 and other peri ods .................................................................. 18
 

AC COUNT OF THE U.S. TREASURY

In tro duc tion.— Source and availabil ity of the balance in the account of the U.S. Treasury ........................... 19
 UST-1.—El e ments of change in Federal Reserve and tax and loan note account balances............................ 19
 

FED ERAL DEBT 

In tro duc tion.—Fed eral debt ............................................................................ 21
 

FD-1.—Sum mary of Federal debt ....................................................................... 22
 FD-2.—Debt held by the public ......................................................................... 23
 FD-2.—In ter est-bearing public debt (histor i cal) ............................................................ 24
 

FD-3.—Gov ern ment account series...................................................................... 25

FD-4.—In ter est-bearing secu ri ties issued by Govern ment agencies ............................................. 26
 FD-5.—Ma tu rity distri bu tion and aver age length of market able inter est-bearing public debt held by private inves tors ..... 27
 

FD-6.—Debt subject to statu tory limit.................................................................... 28
 FD-6.—Debt subject to statu tory limi ta tion (histor i cal) ...................................................... 28
 FD-7.—Trea sury holdings of secu ri ties issued by Govern ment corpo ra tions and other agencies....................... 29
 

FD-A.—Chart: Av er age length of privately held market able debt .............................................. 31
 

PUB LIC DEBT OPERA TIONS

In tro duc tion.—Pub lic debt oper a tions .................................................................... 32

TREA SURY FINANCING ............................................................................ 32
 

PDO-1.—Ma tu rity schedules of inter est-bearing market able public debt secu ri ties other than reg u lar weekly 

and 52-week Treasury bills outstand ing ........................................................... 35
 PDO-2.—Of fer ings of regu lar weekly Treasury bills ........................................................ 40
 

PDO-3.—Offerings of market able secu ri ties other than regu lar weekly Treasury bills .............................. 41
 PDO-4A.—Al lot ments by inves tor class for market able public debt secu ri ties other than bills ........................ 43
 PDO-4B.—Al lot ments by inves tor class for market able public debt secu ri ties, 52-week bills......................... 45
 

U.S. SAVINGS BONDS AND NOTES

In tro duc tion.—Sav ings bonds and notes .................................................................. 46
 

SBN-1.—Sales and redemp tions by series, cumu la tive ....................................................... 46
 SBN-2.—Sales and redemp tions by period, all series of savings bonds and notes combined.......................... 47
 SBN-3.—Sales and redemp tions by period, series E, EE, H, HH and I........................................... 47
 

OWN ER SHIP OF FEDERAL SECU RITIES

In tro duc tion.—Own er ship of Federal secu ri ties ............................................................ 49
 

OFS-1.—Dis tri bu tion of Federal secu ri ties by class of inves tors and type of issues................................. 50
 OFS-1.—Dis tri bu tion of Federal secu ri ties by class of inves tors and type of issues (histor ical) ....................... 51
 OFS-2.—Es ti mated owner ship of U.S. Trea sury securities.................................................... 52
 

MARKET YIELDS

In tro duc tion.—Mar ket yields........................................................................... 53
 MY-1.—Trea sury market bid yields at constant matu ri ties: bills, notes and bonds.................................. 53
 

MY-A.—Chart: Yields of Treasury secu ri ties .............................................................. 54

MY-2.—Av er age yields of long-term Treasury, corpo rate and munic i pal bonds.................................... 55
 MY-B.—Chart: Av er age yields of long-term Treasury, corpo rate and munic i pal bonds .............................. 58
 
IV 

Con tents 

U.S. CURRENCY AND COIN OUTSTAND ING AND IN CIRCU LA TION 

In tro duc tion.—U.S. currency and coin outstand ing and in circu la tion ........................................... 59
 USCC-1.—Amounts outstand ing and in circu la tion; currency, coin ............................................. 59
 USCC-2.—Amounts outstand ing and in circu la tion; by denom i na tion, per capita compar a tive totals................... 60
 

IN TER NA TIONAL STATIS TICS 

INTERNATIONAL FINAN CIAL STATIS TICS
 In tro duc tion.—In ter na tional finan cial statis tics............................................................. 63
 

IFS-1.—U.S. Reserve assets............................................................................ 63

IFS-2.—Se lected U.S. lia bil i ties to foreign ers.............................................................. 64
 IFS-3.—Non mar ket able U.S. Trea sury bonds and notes issued to offi cial insti tu tions and other 
 

resi dents of foreign countries ................................................................... 65
 

CAP ITAL MOVEMENTS 

In tro duc tion.—Cap i tal movements ...................................................................... 66
 

SEC TION I.—LIA BIL ITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
 

CM-I-1.—To tal lia bil i ties by type and holder .............................................................. 68

CM-I-2.—To tal lia bil i ties by country..................................................................... 69
 CM-I-3.—To tal lia bil i ties by type and country ............................................................. 71
 

CM-A.—Chart: U.S. lia bil i ties to foreign ers reported by U.S. banks, brokers and dealers with respect to
 selected countries............................................................................. 73
 

SEC TION II.—CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
 

CM-II-1.—To tal claims by type ......................................................................... 74
 CM-II-2.—To tal claims by country ...................................................................... 75
 CM-II-3.—To tal claims on foreign ers by type and country.................................................... 77
 

CM-B.—Chart: U.S. claims on foreign ers reported by U.S. banks, brokers and dealers with respect to
 selected countries ............................................................................ 79
 

SEC TION III.—SUPPLE MENTARY LIA BIL ITIES AND CLAIMS DATA RE PORTED BY BANKS IN THE UNITED
 STATES
 

CM-III-1.—Dol lar lia bil i ties to, and dollar claims on, foreign ers in countries and areas not regu larly reported sepa rately .. 80
 

SEC TION IV.—LIA BIL ITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS 

ENTER PRISES IN THE UNITED STATES
 

CM-IV-1.—To tal lia bil i ties and claims by type ............................................................. 81
 CM-IV-2.—To tal lia bil i ties by country ................................................................... 82
 CM-IV-3.—To tal lia bil i ties by type and country ............................................................ 84
 

CM-IV-4.—To tal claims by country...................................................................... 86
 CM-IV-5.—To tal claims by type and country .............................................................. 88
 CM-C.—Chart: Net purchases of long-term domes tic secu ri ties by foreign ers, selected countries ..................... 90
 

SEC TION V.—U.S. INTER NA TIONAL TRANSAC TIONS IN LONG-TERM SECU RITIES
 CM-V-1.—U.S. transac tions with foreign ers in long-term domes tic secu ri ties by type .............................. 91
 CM-V-2.—U.S. transac tions with foreign ers in long-term foreign secu ri ties by type................................ 92
 

CM-V-3.—Net foreign transac tions in long-term domes tic secu ri ties by type and country ........................... 93
 CM-V-4.—U.S. transac tions with foreign ers in long-term domes tic and foreign secu ri ties, by type and country,
 during first quarter 2001...................................................................... 95
 

CM-V-5.—U.S. transac tions with foreign ers in long-term domes tic and foreign secu ri ties, by type and country, 
 during calen dar year 2000 .................................................................... 97
 CM-D.—Chart: Net purchases of long-term foreign secu ri ties by U.S. inves tors................................... 99
 

FOR EIGN CURRENCY POSI TIONS

In tro duc tion.—For eign currency posi tions ............................................................... 100
 

SEC TION I.—CANA DIAN DOLLAR POSI TIONS
 FCP-I-1.—Weekly report of major market partic i pants...................................................... 101
 FCP-I-2.—Monthly report of major market partic i pants..................................................... 102
 

FCP-I-3.—Quar terly report of large market partic i pants..................................................... 102
 
V

Con tents 

SEC TION II.—GERMAN MARK POSI TIONS
 FCP-II-1.—Weekly report of major market partic i pants ..................................................... 103
 

FCP-II-2.—Monthly report of major market partic i pants .................................................... 104
 FCP-II-3.—Quar terly report of large market partic i pants .................................................... 104
 

SEC TION III.—JAP A NESE YEN POSI TIONS
 FCP-III-1.—Weekly report of major market partic i pants .................................................... 105
 

FCP-III-2.—Monthly report of major market partic i pants.................................................... 106
 FCP-III-3.—Quar terly report of large market partic i pants ................................................... 106
 

SEC TION IV.—SWISS FRANC POSI TIONS
 FCP-IV-1.—Weekly report of major market partic i pants .................................................... 107
 FCP-IV-2.—Monthly report of major market partic i pants.................................................... 108
 

FCP-IV-3.—Quar terly report of large market partic i pants.................................................... 108
 

SEC TION V.—STER LING POSI TIONS
 

FCP-V-1.—Weekly report of major market partic i pants ..................................................... 109
 FCP-V-2.—Monthly report of major market partic i pants .................................................... 110
 FCP-V-3.—Quar terly report of large market partic i pants .................................................... 110
 

SEC TION VI.—U.S. DOLLAR POSI TIONS
 FCP-VI-1.—Weekly report of major market partic i pants .................................................... 111
 

FCP-VI-2.—Monthly report of major market partic i pants ................................................... 112
 FCP-VI-3.—Quar terly report of large market partic i pants ................................................... 112
 

SEC TION VII.—EURO POSI TIONS
 FCP-VII-1.—Weekly report of major market partic i pants.................................................... 113
 FCP-VII-2.—Monthly report of major market partic i pants................................................... 114
 

FCP-VII-3.—Quar terly report of large market partic i pants................................................... 114
 

EX CHANGE STABI LI ZA TION FUND 

In tro duc tion.—Ex change Stabi li za tion Fund .............................................................. 115
 ESF-1.—Bal ance sheet............................................................................... 115
 ESF-2.—In come and expense ......................................................................... 116
 

SPE CIAL REPORTS 

FI NAN CIAL REPORT OF THE UNITED STATES GOVERN MENT, EXCERPT 

In tro duc tion.—Fi nan cial Report excerpt ................................................................. 119
 

Fi nan cial Report excerpt.............................................................................. 119
 

TRUST FUNDS 

In tro duc tion.—Air port and Airway Trust Fund ............................................................ 123
 

TF-10.—Air port and Airway Trust Fund ................................................................. 124
 In tro duc tion.—Haz ard ous Substance Superfund ........................................................... 125
 TF-14.—Haz ard ous Substance Superfund ................................................................ 125
 

In tro duc tion.—High way Trust Fund .................................................................... 126
 TF-15—High way Trust Fund.......................................................................... 126
 In tro duc tion.—Leaking Under ground Stor age Tank Trust Fund ............................................... 130
 

TF-17.—Leaking Under ground Stor age Tank Trust Fund .................................................... 130
 TF-D.—Chart: Major trust funds, inter est on invest ments, fiscal 1999 and 2000 .................................. 131
 TF-E.—Chart: Major trust funds, receipts and expenses, fiscal 2000 ........................................... 131
 

RE SEARCH PAPER INDEX.......................................................................... 132
 

GLOS SARY ....................................................................................... 133
 

ORDER FORM FOR TREASURY PUBLI CA TIONS ........................................... In side back cover 

NOTES: Defi ni tions for words shown in italics can be found in the glossary; Figures may not add to totals because of

round ing; p = Prelim i nary; n.a. = Not available; r = Revised. 
VI
 

Nonquarterly Ta bles and Reports 

For the conve nience of the “Trea sury Bulle tin” user, nonquarterly tables and reports 

are listed below along with the issues in which they appear. 

Issues 

March 

Fed eral Fiscal Oper a tions 

FFO-5.—Sum mary of inter nal reve nue receipts by regions 

and districts .............................................. 

Spe cial Reports 

Fi nan cial Report of the United States Govern ment excerpt............ 

Trust Fund Reports: 

Air port and Airway Trust Fund ............................... 

Aquatic Resources Trust Fund ............................... 

Black Lung Disabil ity Trust Fund ............................. 

Civil Service Retire ment and Disabil ity Fund ................... 

Fed eral Disabil ity Insur ance Trust Fund ........................ 

Fed eral Hospi tal Insur ance Trust Fund ......................... 

Fed eral Old-Age and Survi vors Insur ance Trust Fund ............. 

Fed eral Supple men tary Medi cal Insur ance Trust Fund............. 

Har bor Mainte nance Trust Fund .............................. 

Haz ard ous Substance Superfund .............................. 

High way Trust Fund ....................................... 

In land Water ways Trust Fund ................................ 

In vest ments of speci fied trust accounts......................... 

Leaking Under ground Storage Tank Trust Fund .................. 

Na tional Service Life Insur ance Fund.......................... 

Nu clear Waste Fund ....................................... 

Oil Spill Lia bil ity Trust Fund ................................ 

Rail road Retire ment Account ................................ 

Re for es ta tion Trust Fund .................................... 

Un em ploy ment Trust Fund .................................. 

Ura nium Enrich ment Decon tam i na tion and 

De com mis sioning Fund .................................. 

Vac cine Injury Compen sa tion Trust Fund ....................... 

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June Sept. Dec.
3
 

Profile of the Economy 

[Source: Office of Macro eco nomic Analy sis] 

Real gross domestic product (GDP) 

Growth in real GDP strengthened to a 2.0 percent annual 

rate in the first quarter of 2001, accord ing to the advance estimate. Although this was double the small 1.0 percent annual 

rate of growth in the fourth quarter of 2000, the first quarter increase was still below most esti mates of the economy’s potential rate. 

Growth was led by a 3.1 percent annual rate increase in personal consump tion expen di tures and by a substan tial drop in

im ports. Exports edged down as well but by much less than

im ports. The reduc tion in the foreign trade defi cit added 1.4 

per cent age points to GDP growth, only the second time in 4 

years that the quarterly trade defi cit narrowed. 

In vest ment in equipment and software decreased at a 2.1 

per cent annual pace in the first quarter after falling 3.3 percent 

in the fourth. Those were the first back-to-back declines in this 

cat e gory since the 1991 reces sion. There was a large inven tory

cor rec tion in the first quarter that subtracted 2-1/2 points from 

real GDP growth. Much of the reduc tion in inven to ries and in 

equip ment invest ment came out of imports. 

The national accounts measures of infla tion accel er ated in 

the first quarter primar ily because of higher food and energy 

prices, the annual Federal pay raise (which is treated as a price

in crease), and a pickup in prices for consumer services. The 

GDP price index rose at a 3.2 percent annual rate in the first 

Inflation 

In fla tion picked up in the first 3 months of 2001. Produc tiv ity 

growth was little changed in the first quarter and hourly compen sa tion rose by a sizable amount, result ing in higher labor 

costs. 

Con sumer prices increased at a 4.0 percent annual rate for the 

3-month period ending in March, an accel er a tion of a little 

more than 1/2 percent age point from the previ ous year. Prices 

jumped sharply in Janu ary before regis ter ing more moder ate

in creases in Febru ary and March. Core Con sumer Price Index 

(CPI) infla tion (exclud ing the food and energy compo nents) 

picked up to a 3.5 percent pace during the first 3 months of the 

year from 2.6 percent in 2000. Food prices rose at a 4.1 percent 

an nual rate, an accel er a tion of about 1-1/4 percent age points 

from the previ ous year. Energy prices were up at an annual rate 

of 6.0 percent, well below the double-digit increases regis tered 

in the previ ous 2 years. 

At the producer level, the pattern for finished goods prices so 

far this year has gener ally mirrored devel op ments at the consumer level. Finished goods prices rose at a 4.9 percent annual 

quar ter compared with 2.0 percent in the fourth quarter. Exclud ing food and energy, the core rate moved up to 2.3 percent 

from 1.9 percent. 

Growth of Real GDP 

(Percent change, fourth quarter to fourth quarter) 

7 

6 

5 

4 

3 

2 

1 

0 

95 96 97 98 99 00 01* 

2.2 

4.1 4.3 4.6 

5.0 

3.4 

2.0 

* Based on first quarter 

rate during the first 3 months of the year, up from 3.6 percent 

in the previ ous year. Virtu ally all of the increase occurred in 

Jan u ary. Core infla tion contin ued to be moder ate, increas ing 

at a 1.9 percent rate during the first quarter. This was still at a 

slightly faster rate than the 1.2 percent increase in 2000. The 

in crease in energy prices slowed to an annual rate of just under 

11 percent during the first quarter of the year from more than 

17 percent last year. Further back in the produc tion chain, core 

prices for crude goods dropped by 12-1/2 percent while core 

in ter me di ate goods prices moved up at a moder ate pace. 

Pro duc tiv ity in the nonfarm business sector edged down by 

0.1 percent in the first quarter of 2001, follow ing strong gains 

over the last several years. Hourly compen sa tion costs rose by 

5.2 percent in the quarter, pushing unit labor costs up by a simi lar 5.2 percent. The employ ment cost index for total compensa tion, a sepa rate compen sa tion measure that also is closely 

watched, increased by 4.1 percent for the 12-month period 

end ing in March. This was less than the increase in compen sation in the produc tiv ity series (which includes stock options) 

and a slight decel er a tion from the 4.3 percent gain during the 

year ending in March 2000. 
4 PRO FILE OF THE ECON OMY

1

2

3

4

5

6

7

89 90 91 92 93 94 95 96 97 98 99 00 01

Excluding food and

energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

10

89 90 91 92 93 94 95 96 97 98 99 00 01

Excluding food and

energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

Employment and unemployment

Pay roll em ploy ment has de clined in re cent months, and the

un em ploy ment rate has risen to 4.5 per cent. De spite the emergence of weaker la bor mar ket con di tions, wage growth has

shown no signs of slow ing.

Em ploy ment on nonfarm pay rolls plunged by 223,000 in

April 2001 on top of a 53,000 de cline in March. The April loss

was the steep est since Feb ru ary 1991, when the econ omy was

of fi cially in re ces sion. The down turn re corded in the 2 lat est

months fol lowed a year-long slow down in pay roll growth

char ac ter ized by no ta ble job losses in the man u fac tur ing sec -

tor. Steady de clines in fac tory em ploy ment since the mid dle

of 2000 re sulted in 550,000 fewer jobs by April 2001. Weak -

ness in man u fac tur ing likely con trib uted to steep job losses in

the tem po rary help sup ply in dus try, which places a large por -

tion of work ers in fac tory jobs. Tem po rary help sup ply busi -

nesses have slashed pay rolls by 370,000 since Sep tem ber

2000. The pri vate ser vice-producing sec tor (ex clud ing help

sup ply) con tin ued to hire in April, al beit at a very slug gish pace

com pared to just a few months ago. The con struc tion in dus try

shed 64,000 work ers in April, but strong gains av er ag ing

62,000 per month in the first quar ter and wet weather in parts of

the coun try may have played a role.

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

94 95 96 97 98 99 00 01

(Percent)

Establishment Employment

256

192 212

258

324

213

25 52

124

-223 -300

-200

-100

0

100

200

300

400

99-I II III IV 00-I II III IV I II*

(Average monthly change in thousands)

*Based on April data
PRO FILE OF THE ECONOMY 5
 

The unem ploy ment rate rose from 4.3 percent in March to 

4.5 percent in April, the highest reading since Octo ber 1998. 

This suggests some loosen ing of labor market tightness since 

last fall, when the unem ploy ment rate reached a 3-de cade low 

of 3.9 percent. The labor force partic i pa tion rate eased to 67.1 

per cent in April from 67.2 percent in the prior 2 months but remains well within the range of recent expe ri ence.

Nom i nal wage gains, as measured in the payroll employment survey, have yet to moder ate but still remain rela tively 

tame. Av er age hourly earnings of produc tion and other 

nonsupervisory workers grew by 4.3 percent over the 12 

months ended in April, up from 3.8 percent in the year-earlier

pe riod but still less than the 4.4 percent gain posted in early 

1998. Ad justed for infla tion, aver age hourly earnings increased by a strong 1.4 percent during the year ended in March,

build ing on the gains regis tered since 1995. 

Real disposable personal income 

and consumer spending 

Per sonal income in nomi nal terms rose at a 5.9 percent annual rate in the first quarter of 2001. This was up from an increase of about 4 percent in the fourth quarter of 2000 but close 

to the pace regis tered over the previ ous 2 years. Wage and salary disburse ments (58 percent of income) contin ued to rise at 

about a 6-1/2 percent annual rate in the first quarter. Strength 

was concen trated in the distrib u tive and service indus tries, and 

in government wages and sala ries, which were boosted by the

an nual cost-of-living adjust ment for Federal civil ian and military person nel. Manu fac turing payrolls declined in the first 

quar ter for the first time in 7 years, contrib ut ing to a decel er ation in wage growth in the goods produc ing indus tries. Inter est

pay ments slowed in the first quarter of the year, reflect ing declines in inter est rates. 

On a real after-tax basis, personal income rose at a 2.0 percent annual rate in the first quarter of 2001. This was close to 

the 2.2 percent increase last year but down from 3.1 percent 

reg is tered in 1999. 

Real consumer spending was up at a 3.1 percent annual rate 

in the first quarter, close to the 2.8 percent rate in the fourth 

quar ter but off from the 4.5 percent pace for all of last year. 

Growth of expen di tures on dura ble goods rose sharply, led by a 

near 20 percent annual rate increase in spending for motor vehi cles. Manu fac turers’ in cen tive programs aimed at reduc ing

in ven to ries contrib uted to the first quarter jump in consumer 

spend ing on motor vehi cles. Spending on services only grew 

by 1.7 percent in the first quarter, the smallest increase in more 

than 2 years. Sharp increases in energy costs were a factor. 

With real consumer spending growing at a faster pace than

af ter-tax income, the personal saving rate moved down to -1.0 

per cent in the first quarter from a nega tive 0.7 percent in the 

fourth quarter. For all of last year, the personal saving rate was 

-0.1 percent, down from a recent high of 8.7 percent in 1992. 

This was the first time that the saving rate had been nega tive 

since the midst of the Great Depres sion in 1933. Of course, the

cir cum stances are entirely differ ent today. Even with the decline in equity markets during 2000 and 2001, household net 

worth has bene fited from tremen dous gains in the stock market 

in recent years. This “wealth effect” has been a major factor 

be hind the decline in the personal saving rate. Increases in asset values are not counted as income in the national income and 

prod uct accounts, from which saving is calcu lated, but nonethe less contrib ute to the willing ness and ability of consum ers 

to spend. 

Industrial production 

and capacity utilization 

Out put in the indus trial sector declined for the seventh 

straight month in April 2001, falling by a season ally adjusted 

0.3 percent. Due to downward revi sions in the previ ous 

month’s data, the first quarter showed a 6.5 percent annual rate 

con trac tion. This was the largest quarterly decline since the 8.3 

per cent drop in the first quarter of 1991, when the economy 

was in reces sion. Over the past 12 months, indus trial production has fallen by 1.0 percent—a dramatic rever sal from 

year-over-year gains of around 6-1/2 percent regis tered last 

spring. 

Man u fac turing produc tion, which accounts for just over 87

per cent of all indus trial output, also declined by 0.3 percent in 

April, on top of a dramatic 7.7 percent annual rate drop in the 

first quarter of 2001. Produc tion of motor vehi cles and parts, 

which has played a signif i cant role in the recent contrac tion in 

the factory sector, was flat in April. There were sizable declines in such cycli cally sensi tive sectors as indus trial machinery and equipment and electri cal equipment. 

The high-tech sector, which includes comput ers, commu nica tions equipment and semicon duc tors, has been slashing output in recent months due to an inven tory overhang. Although

de clines in this sector have not yet approached the magni tude 

of other manu fac tur ing indus tries, the slowdown since last 

spring has been quite remark able. After growing by 25.2 percent at an annual rate in the fourth quarter of 2000, produc tion 

in the high-tech sector declined by 4.3 percent in the first quarter of 2001. Exclud ing high-tech, manu fac tur ing produc tion 

fell by 0.3 percent in April and by 8.2 percent in the first 

quar ter. 

The rate of indus trial capac ity utili za tion, which has been 

edg ing downward for 8 consec u tive months, dipped to a 

10-year low of 78.5 percent in April. This rate is 5.9 percentage points below the expan sion peak of 84.4 percent achieved 

in early 1995 and 3.5 points lower than its long-term aver age. 
6 PROFILE OF THE ECONOMY
 

Nonfarm productivity and unit labor costs 

U.S. produc tiv ity tapered off in the first quarter of 2001 

from the extremely strong readings of recent years. Nonfarm 

busi ness produc tiv ity (real output per hour worked) fell by 0.1

per cent at an annual rate, the first decline since the first quarter 

of 1995. The latest reading stands in contrast to the solid 2.0 

per cent rate of increase in the fourth quarter and the strong 3.3

per cent rate of growth for all of 2000. During the 5 years from 

1995 to 2000, nonfarm produc tiv ity advanced at a 2.9 percent 

an nual rate, the fastest rate of growth for any such period since 

1968. While the latest quarter repre sents a signif i cant fallback 

from this trend, the quarterly produc tiv ity numbers tend to be 

ex tremely vola tile. 

Hourly compen sa tion costs in the nonfarm business sector 

rose at a 5.2 percent annual rate in the first quarter after jumping by 6.0 percent or more in each of the previ ous three quarters. Over the latest four quarters, growth in hourly

com pen sa tion has accel er ated from 4.5 percent a year earlier 

to 6.0 percent in the first quarter—a pace not seen since the 

first quarter of 1992. The decline in produc tiv ity, coupled with 

a sizeable increase in compen sa tion, caused unit labor costs to 

surge by 5.2 percent at an annual rate in the first quarter. This 

boosted the four-quarter increase to 3.1 percent, up from 2.3

per cent during 2000. The sharp rise in unit labor costs threatens to inten sify a squeeze on unit profits that devel oped in the 

sec ond half of last year. 

Pro duc tiv ity growth in the manu fac tur ing sector slowed to a 

nar row 0.3 percent annual rate in the first quarter from 5.5 percent in the fourth quarter and 6.7 percent during all of last year. 

From 1995 to 2000, manu fac tur ing produc tiv ity aver aged a 

5.4 percent annual rate of advance—strength unprec e dented 

in the post-World War II era. Hourly compen sa tion increased 

at a 4.7 percent annual rate in the first quarter, slower than the 

6.2 percent pace last year. Factory unit labor costs rose by 4.4

per cent at an annual rate in the first quarter, after having fallen 

on aver age in each of the past 7 years. 

Current account balance 

The current account measures trade in goods and services as 

well as the flow of invest ment income and unilat eral transfers. 

The current account has been in defi cit almost contin u ously 

since the early 1980s. In the fourth quarter of 2000, the current 

ac count defi cit swelled to $461 billion at an annual rate. That 

brought the defi cit for the entire year to a record high $435 billion, or 4.6 percent of nomi nal GDP. 

The current account defi cit has widened substan tially over 

the past decade primar ily because of a dete ri o ra tion in the 

mer chan dise trade balance. Growth in U.S. domes tic demand 

has outpaced that of our major trading partners, causing imports to grow much more rapidly than exports. The appre ci ation of the dollar in recent years and higher prices for imported 

oil since 1998 also have contrib uted to the burgeon ing trade 

gap. As a result, the defi cit on merchan dise trade has more 

than doubled since the mid-1990s, reaching a new high of 

$473 billion at an annual rate in the fourth quarter. Signif i cant

im prove ment was recorded in the first 2 months of 2001, however, as demand for merchan dise imports softened nota bly. 

Other major compo nents of the current account also have 

fu eled the growing defi cit. The surplus on trade in services has 

nar rowed somewhat since 1997. Moreover, what had been a 

pos i tive balance on invest ment income turned nega tive in 

1998, as weak foreign growth depressed inter est earnings on 

U.S. invest ments abroad and U.S. growth supported strong inter est income on foreign invest ments in the United States. The 

bal ance on invest ment income swung back into posi tive territory once again in the fourth quarter, however. The improvement was attrib uted to a large increase in direct invest ment

re ceipts. 

The current account defi cit is, by defi ni tion, matched by offset ting transac tions in the finan cial and capi tal accounts, with 

any differ ence in the recorded flows listed as a statis ti cal discrep ancy. Continuing inflows of foreign funds reflect the attrac tive ness of the United States as an invest ment outlet. In the 

fi nal quarter of last year, the finan cial account recorded inflows for foreign assets in the United States that exceeded outflows for U.S. assets abroad by $347 billion at an annual rate, 

down from $408 billion in the third quarter and a huge $611

bil lion net finan cial inflow recorded in the second quarter. The 

mod er a tion was due in large part to a doubling of finan cial

out flows for U.S.-owned assets abroad, which outweighed a 

jump in foreign acqui si tions of assets in the United States. For 

the entire year, net finan cial inflows totaled $399 billion, up 

from $323 billion in 1999. 

Exchange rate of the dollar 

Since the end of 1999, the exchange rate of the dollar against 

a broad index of 26 curren cies of impor tant U.S. trading partners has strengthened signif i cantly, rising by 9.5 percent over 

the 16 months ended in April 2001. This followed a 2-year period of rela tive stabil ity after a sharp increase in 1996 and 

1997. 

Nearly all of the appre ci a tion since 1999 has been fueled by

im prove ment of the dollar against the curren cies of the United 

States’ major trading partners, includ ing the euro-area countries, Canada, Japan, the United Kingdom, Austra lia, Sweden 

and Switzer land. Between Janu ary 2000 and April 2001, the

ex change value of the dollar in rela tion to the curren cies of the 

United States’ major trading partners jumped by 12.8 percent. 

The dollar/euro exchange rate climbed by 13.5 percent during 

the same period, and the dollar/yen exchange rate rose by 17.5

per cent. 

The strength of the dollar mainly reflected the faster pace of 

growth in the United States. The percep tion that U.S. asset 

mar kets would continue to present gener ally attrac tive investment oppor tu ni ties rela tive to foreign markets also contributed to the stronger perfor mance of the dollar. Other factors 

such as differ ing central bank poli cies and concerns over foreign exchange policy, the course of structural reforms in the 

euro area and the pace of Japan’s economic recov ery also have 

played a role. 
PRO FILE OF THE ECONOMY 7 

Interest rates 

The Federal Reserve eased mone tary condi tions in the first 5 

months of 2001. It cut inter est ratesfive times over that span by 

50 basis points each time. The Federal Reserve described its 

ac tions as the appro pri ate policy in light of weak consumer and 

in vest ment demand due to lower confi dence, tighter credit

con di tions, and the effect of high energy prices on household 

pur chas ing power and business profits. In announc ing its latest 

re duc tion on May 15, the Federal Reserve noted that profit expec ta tions and the business outlook overall seem “likely to 

hold down capi tal spending going forward.” 

The easing trend followed a period of nearly a year during 

which inter est rates were left unchanged. The actions lowered 

the target for the federal funds rate (the rate that banks and 

other finan cial insti tu tions charge each other for overnight 

loans) from 6.5 percent at the end of Decem ber to 4.0 percent 

by mid-May. The discount rate (the rate the Federal Reserve 

charges banks for short-term funds) was lowered from 6.0 

Short-term Interest Rates 

(Percent) 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

Discount rate 

Federal f unds rate 

3-month Treasury bills 

1999 2000 2001 

Housing 

Housing contin ued to be a strong sector of the economy in 

the first quarter of 2001. Sales of new single-family homes aver aged 990,000 at an annual rate in the quarter, well above the 

sell ing pace of 904,000 in 2000 and the record 907,000 in 

1999. In the month of March, new home sales hit an all-time 

high of 1.021 million at an annual rate. Sales of exist ing single-family homes also were strong through the first quarter, 

and in March were just shy of their all-time record. A decline in 

mort gage inter est rates over the second half of last year and 

into 2001 provided support for the high level of home sales. 

The mortgage rate for a 30-year loan fell by about 1-1/2 percent age points since last May and in the first quarter aver aged a 

low 7 percent. 

per cent to 3.5 percent. The market inter est rate for the 3-month 

Trea sury bill, which usually centers around the level of the discount rate, moved down to about 3.6 percent. 

Rates on long-term Trea sury secu ri ties declined through 

most of 2000 and in early 2001 but then turned upward in April. 

Long-term rates are influ enced by a number of factors. The 

down trend in the bond yield, which moves inversely to its 

price, partly reflected a shrinking supply of Treasury secu ri ties 

due to growing budget surpluses. Weak ness in equity markets 

and in the economy in general last year, as well as uncer tainty 

about prospects going forward, contrib uted to the decline as 

well. 

Mort gage inter est rates gener ally follow the pattern of the 

10-year Treasury note. The inter est rate on a conven tional 

30-year fixed rate loan declined from a recent peak of 8.5 percent in May 2000 to 7 percent by the end of last year. The rate 

has held at about that level through the first 4 months of 

2001.The decline of roughly 150 basis points in the mortgage

in ter est rate prompted some renewed strength in housing demand during the latter part of last year and into 2001. 

Long-term Interest Rates 

(Percent) 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

30-year bond 

10-year note 

1999 2000 2001 

A high level of sales of both new and exist ing homes over the 

past several years led to a dramatic increase in home ownership. The number of new homeown ers grew by 11 million during the 1990s, and the home owner ship rate rose to a record 

67.6 percent by the first quarter of 2001. Expan sion in home 

own er ship has been partic u larly nota ble for minor ity groups. 

Con struc tion of new housing units lagged behind new home 

sales in the second half of 2000. This led to a reduc tion in the 

in ven tory of new houses for sale and a decline in resi den tial invest ment in both the third and fourth quarters. By the first

quar ter of 2001, construc tion began to catch up with demand. 

Housing starts jumped 23 percent at an annual rate in the first 

quar ter, and real resi den tial invest ment increased at a 3.3 percent pace. 
8 PROFILE OF THE ECONOMY
 

Federal budget 

The Federal budget posted a unified surplus of $237 billion 

in fiscal 2000, or 2.4 percent in rela tion to GDP. That was the 

larg est surplus ever in dollar terms and the largest rela tive to
 

GDP since fiscal 1948. The surplus in fiscal 2000 was the third 

in a row. 

Re ceipts jumped by 10.8 percent in fiscal 2000, the fastest 

rate of growth since 1987. The increase reflected large gains in 

the income and wealth of indi vid u als as well as a marked improve ment in corpo rate profits in fiscal 2000, follow ing weakness in the past several years. 

Out lays of the Federal Govern ment increased by 5.0 percent 

in fiscal 2000, an accel er a tion from aver age growth of 3.0 percent per year over the prior 7 years. Despite the speedup in

spend ing, growth in outlays was slower than growth in the

econ omy in fiscal 2000, and outlays in rela tion to GDP declined to the lowest in almost 35 years. Among major spending

cat e go ries, outlays accel er ated in fiscal 2000 for such functions as defense, Medicaid, Social Secu rity and farm price 

Net national saving and investment 

Net national saving slowed to 6.0 percent of net national 

prod uct (NNP) in the fourth quarter of 2000 (the latest period 

for which full detail is available) from an aver age of 6.7 persup port, among others. Outlays for Medicare, which did not in-
 

crease at all from 1997 to 1999, began to grow again in 2000.
 

Net inter est expenses declined for the third consec u tive year as
 

debt owed to the public was reduced. 

The budget surplus in fiscal 2000 resulted in a $223 bil lion
 

re duc tion in debt held by the public that year. Over the last 3 

years, publicly held debt has been cut by a total of $361 billion, 

or 9.6 percent. At the end of fiscal 2000, debt held by the public 

rep re sented 34.7 percent of GDP, down from nearly 50 percent 

7 years ago and the smallest ratio since 1984. 

The surplus is projected to rise to $281 billion this fiscal year 

and continue to grow over at least the next 10 years. Over the

fis cal years 2002 to 2011, the cumu la tive surplus is expected to 

be $5.6 trillion. About $2.6 trillion of that is off-budget, reserved for the Social Secu rity Trust Fund. The Admin is tra tion

pro poses using the remain ing on-budget surpluses to reduce 

taxes, continue to retire the Federal debt and provide a reserve 

for contin gen cies. 

2.7 percent of NNP. For all of 2000, total private saving averaged 2.9 percent of NNP, down from approx i mately 9 percent 

in the early 1990s. 

The swing in the Federal budget from large defi cits into surplus has more than offset the 

de cline in private saving since 

the first part of the last decade. 

The total public sector moved 

from dissaving equiva lent to 

cent in the first three quarters 

of the year. (Net saving and 

NNP exclude depre ci a tion to 

re place wornout or obso lete

equip ment, software and 

struc tures used in produc tion.) 

For all of 2000, net saving aver aged 6.5 percent. This was 

down somewhat from 6.8 percent in 1999 and 7.5 percent in 

1998 but was well above the 

55-year low of 3.9 percent in 

1993. 

A fur ther decline in private 

sav ing to 2.1 percent in the 

fourth quarter from 3.2 percent aver aged in the first three 

quar ters of the year accounted 

for the weaken ing in net national saving at the end of 

2000. Household saving 

dropped to -0.6 percent of 

NNP in the fourth quarter 

from near zero earlier in the 

Net National Saving 

(Saving as a percent of NNP) 

15 

Public 

Total 

5.4 percent in 1992 to saving of 

3.6 percent in 2000. Most of the 

im prove ment was in the Fed10 eral budget, although State and 

lo cal gov ern ment sav ing

strength ened somewhat, as

5 well. Govern ment saving rose 

fur ther at the end of last year to 

0 3.9 percent in the fourth quarter 

from 3.5 percent aver aged in 

the first three quarters of the -5 year. 

Net domes tic invest ment (by
 

-10 gov ern ment and private indus­
 

try in structures, equipment,
 60 65 70 75 80 85 90 95 00 soft ware, and in ven tory) 
 

slowed somewhat to 10.2 percent of NNP in the fourth quarter from 10.6 percent aver aged 

in the first three quarters of the year. Even so, the 10.5 percent 

av er aged for the entire year was the strongest since 1984 and 

was up sharply from a very low 5.2 percent of NNP in 1991. A 

large portion of this invest ment has been financed from abroad, 

as U.S. net foreign invest ment swung from 0.3 percent of NNP 

in 1991 to -4.9 percent last year. 

year. Despite falling equity prices last year, wealth gener ated 

by the surging stock market in other recent years has reduced 

the desire of households to save out of current income. (Gains 

in wealth achieved through higher asset valu a tions are not included in conven tional defi ni tions of saving.) Corpo rate saving also declined in the fourth quarter but was still posi tive at 
9 

INTRODUCTION: Federal Fiscal Oper a tions 

Bud get author ity usually takes the form of appro pri a tions 

that allow ob li ga tions to be incurred and payments to be made. 

Reappropriations are Congres sio nal actions that extend the 

avail abil ity of unobligated amounts that have expired or would 

oth er wise expire. These are counted as new budget author ity in 

the fiscal year of the legis la tion in which the reappropriation act 

is included, regard less of when the amounts were origi nally appro pri ated or when they would other wise lapse. 

Ob li ga tions gener ally are liqui dated by the issu ance of 

checks or the disburse ment of cash—out lays. Obli ga tions may 

also be liqui dated (and outlays recorded) by the accrual of inter est on public issues of Treasury debt secu ri ties (includ ing an 

in crease in redemp tion value of bonds outstand ing); or by the

is su ance of bonds, deben tures, notes, mone tary credits, or 

elec tronic payments. 

Re funds of collec tions gener ally are treated as reduc tions 

of collec tions, whereas payments for earned-income tax credits in excess of tax lia bil i ties are treated as outlays. Outlays

dur ing a fiscal year may be for payment of obli ga tions incurred 

in prior years or in the same year. Outlays, therefore, flow in 

part from unex pended balances of prior year budget author ity 

and from budget author ity provided for the year in which the 

money is spent. To tal outlays include both budget and 

off-budget outlays and are stated net of offset ting collec tions.

Re ceipts are reported in the tables as either budget receipts or offset ting collec tions. They are collec tions from the 

pub lic, exclud ing receipts offset against outlays. These, also 

called govern men tal receipts, consist mainly of tax receipts

(in clud ing social insur ance taxes), receipts from court fines, 

cer tain licenses, and depos its of earnings by the Federal Reserve system. Refunds of receipts are treated as deduc tions 

from gross receipts. Total Govern ment receipts are compared 

with total outlays in calcu lat ing the budget surplus or defi cit.

Off setting collec tions from other Govern ment accounts 

or the public are of a business-type or market-oriented nature. 

They are classi fied as either collec tions credited to appro pri ations or fund accounts, or offset ting receipts (i.e., amounts depos ited in receipt accounts). The former normally can be used 

with out appro pri a tion act by Congress. These occur in two instances: (1) when autho rized by law, amounts collected for 

ma te ri als or services are treated as reim burse ments to appropri a tions. For account ing purposes, earned reim burse ments 

are also known as reve nues. These offset ting collec tions are 

net ted against gross outlays in deter min ing net outlays from 

such appro pri a tions; and (2) in the three types of revolv ing 

funds (public enter prise, intragovernmental and trust); offsetting collec tions are netted against spending, and outlays are reported as the net amount.

Off setting receipts in receipt accounts cannot be used 

with out appro pri a tion. They are subdi vided into three cate gories: (1) propri etary receipts, or collec tions from the public,

off set against outlays by agency and by function; (2) 

intragovernmental transac tions, or payments into receipt accounts from govern men tal appro pri a tion or fund accounts. 

They finance oper a tions within and between Govern ment

agen cies and are credited with collec tions from other Government accounts; and (3) offset ting govern men tal receipts 

which include foreign cash contri bu tions. 

Intrabudgetary transac tions are subdi vided into three 

cat e go ries: (1) interfund transac tions—pay ments are from 

one fund group (either Federal funds or trust funds) to a receipt

ac count in the other fund group; (2) Federal intrafund transactions—pay ments and receipts both occur within the Federal 

fund group; and (3) trust intrafund transac tions—pay ments 

and receipts both occur within the trust fund group.

Off setting receipts are gener ally deducted from budget author ity and outlays by function, subfunction, or agency. There 

are four types of receipts, however, that are deducted from budget totals as undis trib uted offset ting receipts. They are: (1)

agen cies’ payments (includ ing payments by off-budget Federal 

en ti ties) as employ ers into employ ees’ re tire ment funds; (2) inter est received by trust funds; (3) rents and royal ties on the 

Outer Conti nen tal Shelf lands; and (4) other inter est (i.e., that 

col lected on Outer Conti nen tal Shelf money in deposit funds 

when such money is transferred into the budget). 

The Govern ment has used the unified budget concept set 

forth in the “ Report of the Presi dent’s Com mis sion on Budget

Con cepts” as a founda tion for its budget ary analy sis and presen ta tion since 1969. The concept calls for the budget to include 

all of the Govern ment’s fiscal transac tions with the public. 

Since 1971, however, vari ous laws have been enacted remov ing

sev eral Federal enti ties from (or creat ing them outside of) the

bud get. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal 

en ti ties consist of the two Social Secu rity trust funds, Federal 

Old-Age and Survi vors Insur ance and the Federal Disabil ity Insur ance Trust Fund, and the Postal Service. 

Al though an off-budget Federal entity’s receipts, outlays, 

and surplus or defi cit ordi narily are not subject to targets set by 

the Congres sio nal reso lu tion, the Balanced Budget and Emergency Defi cit Control Act of 1985 [commonly known as the 

Gramm-Rudman-Hollings Act as amended by the Budget Enforce ment Act of 1990 (2 United States Code 900-922)] included 

off-budget surplus or defi cit in calcu lat ing defi cit targets under 

that act and in calcu lat ing excess defi cit. Partly for this reason, atten tion has focused on both on- and off-budget receipts, outlays 

and defi cit of the Govern ment. 

Ta bles FFO-1, FFO-2 and FFO-3 are published quarterly 

and cover 5 years of data, esti mates for 2 years, detail for 13 

months, and fiscal year-to-date data. They provide a summary of 

data relat ing to Federal fiscal oper a tions reported by Federal entities and disburs ing offi cers, and daily reports from the FRBs. 

They also detail account ing transac tions affect ing receipts and 

out lays of the Govern ment and off-budget Federal enti ties and 

their related effect on assets and lia bil i ties of the Govern ment. 

Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment.” 
10 FED ERAL FISCAL OPER A TIONS

• Ta ble FFO-1 summa rizes the amount of total receipts,

out lays, and surplus or defi cit, as well as transac tions in Federal secu ri ties, mone tary assets and balances in Treasury operat ing cash. 

• Ta ble FFO-2 includes on- and off-budget receipts by 

source. Amounts repre sent income taxes, social insur ance 

taxes, net contri bu tions for other insur ance and retire ment, excise taxes, estate and gift taxes, customs duties and net miscella neous receipts. 

• Ta ble FFO-3 details on- and off-budget outlays by 

agency. 

• Ta ble FFO-4 summa rizes on- and off-budget receipts 

by source and outlays by function as reported to each major 

fund group classi fi ca tion for the current fiscal year to date and 

prior fiscal year to date. 

• Ta ble FFO-5 summa rizes inter nal reve nue receipts by

re gions and districts and by type of tax. Amounts reported are 

col lec tions made in a fiscal year. They span several tax lia bility years because they consist of prepay ments (esti mated tax 

pay ments and taxes withheld by employ ers for indi vid ual income and Social Secu rity taxes), payments made with tax returns and subse quent payments made after tax returns are due 

or are filed (that is, payments with delin quent returns or on delin quent accounts). 

Amounts are reported based on the primary filing address 

pro vided by each taxpayer or report ing entity. For multistate 

cor po ra tions, the address may reflect only the district where 

such a corpo ra tion reported its taxes from a princi pal office 

rather than other districts where income was earned or where 

in di vid ual income and Social Secu rity taxes were withheld. In 

ad di tion, an indi vid ual may reside in one district and work in 

an other. 

Bud get Results and Financing of the U.S. Govern ment

and Second-Quarter Receipts by Source

[Source: Office of Tax Analy sis, Office of Tax Policy]

Second-Quarter Receipts 

The follow ing capsule analy sis of budget receipts, 

by source, for the second quarter of fiscal 2001 supple ments fiscal data reported in the March issue of 

the “Treasury Bulle tin.” At the time of that issue’s 

re lease, not enough data were available to ana lyze

ad e quately collec tions for the quarter. 

In di vid ual income taxes—In di vid ual income tax receipts, 

net of refunds, were $217.3 billion for the second quarter of fiscal 2001. This is an increase of $15.5 billion over the compa rable prior year quarter. Withheld receipts increased by $14.6

bil lion and non-withheld receipts increased by $5.7 billion during this period. Refunds increased by $4.8 billion over the compa ra ble fiscal 2000 quarter. There was a decrease of $4.0 billion 

in account ing adjust ments between indi vid ual income tax receipts and the Social Secu rity and Medicare trust funds over the 

com pa ra ble quarter in fiscal 2000. 

Corporate income taxes—Net corpo rate income tax re­ ceipts were $26.4 billion for the second quarter of fiscal 2001. 

This is a decrease of $5.0 billion compared to the prior year sec­ ond quarter. The $5.0 billion change is comprised of a decrease 

of $1.3 billion in esti mated and final payments, and an increase 

of $3.7 billion in corpo rate refunds. 

Em ploy ment taxes and contri bu tions—Em ploy ment 

taxes and contri bu tions receipts for the second quarter of fiscal 

2001 were $172.6 billion, an increase of $13.4 billion over the 

com pa ra ble prior year quarter. Receipts to the Federal Old-Age 

and Survi vors Insur ance, Federal Disabil ity Insur ance, and

Fed eral Hospi tal Insur ance trust funds changed by $8.3 billion, 

$1.5 billion, and $3.5 billion, respec tively. There was a $3.8 billion account ing adjust ment for prior years employ ment tax liabil i ties made in the sec ond quarter of fiscal 2001, while there 

was a -$0.2 billion adjust ment in the second quarter of fiscal 

2000. 

Un em ploy ment insur ance—Un em ploy ment insur ance

re ceipts, net of refunds, for the second quarter of fiscal 2001 

were $4.0 billion, a negli gi ble change over the compa ra ble

quar ter of fiscal 2000. Net State taxes depos ited in the U.S. 

Trea sury increased by $0.1 billion to $2.9 billion. Net Fed­ eral Unem ploy ment Tax Act (FUTA) taxes did not change

sig nif i cantly from $1.1 billion. 

Con tri bu tions for other insur ance and retire ment—

Con tri bu tions for other insur ance and retire ment were $1.2 

bil lion for the second quarter of 2001. This was an increase 

of $0.1 billion from the compa ra ble quarter of fiscal 2000. 

The growth in contri bu tions will remain rela tively flat over 

the next few years as the number of employ ees covered by 

the Federal Employees’ Retirement System (FERS) grows 

slowly rela tive to those covered under the Civil Service 

Retirement System (CSRS). 

Ex cise taxes—Net excise tax receipts for the second 

quar ter of fiscal 2001 were $16.4 billion, an increase of $0.3 

bil lion over the compa ra ble prior year quarter. Total excise 

tax refunds for the quarter were $0.5 billion, a decrease of 

$0.1 billion over the compa ra ble prior year quarter. 

Es tate and gift taxes—Net estate and gift tax receipts 

were $6.5 billion for the second quarter of fiscal 2001. These

re ceipts repre sent an increase of $0.2 billion over the same 

quar ter in fiscal 2000. 

Cus toms duties—Cus toms duties net of refunds were 

$4.8 billion for the second quarter of fiscal 2001. This is an 

in crease of $0.5 billion over the compa ra ble prior year

quar ter. 

Mis cel la neous receipts—Net miscel la neous receipts for 

the second quarter of fiscal 2001 were $10.5 billion, an in- crease of $1.0 billion over the compa ra ble prior year quarter. 

This change is due in part to depos its of earnings by Federal 

Re serve Banks increas ing by $0.9 billion. 
FED ERAL FISCAL OPER A TIONS 11 

Bud get Results and Financing of the U.S. Govern ment 

and Second-Quarter Receipts by Source, con. 

To tal On- and Off-Budget Results and Financing of the U.S. Govern ment 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Second quarter

Jan u ary - March 

Ac tual fiscal 

year to date 

Budget esti mates

(Feb ru ary 2001) full fiscal 2001 

To tal on- and off-budget results: 

To tal receipts ................................................. 459,767 2,392,473 2,136,946 

On-budget receipts ........................................... 325,676 1,794,450 1,633,076 

Off-budget receipts ........................................... 134,091 598,024 503,870 

To tal outlays.................................................. 482,218 2,317,368 1,856,238 

On-budget outlays............................................ 413,203 1,921,641 1,508,504 

Off-budget outlays............................................ 69,015 395,728 347,734 

To tal surplus or defi cit (-) ........................................ -22,451 75,106 280,708 

On-budget surplus or defi cit (-) .................................. -87,527 -127,192 124,572 

Off-budget surplus or defi cit (-) .................................. 65,078 202,297 156,136 

Means of financ ing: 

Bor rowing from the public ....................................... 23,667 -84,304 -235,935 

Re duc tion of oper at ing cash ..................................... -7,215 41,748 2,659 

Other means ................................................. 5,999 -32,550 -47,432 

To tal on- and off-budget financ ing ............................... 22,451 -75,106 280,708 

Second-Quarter Net Budget Receipts by Source, Fiscal 2001 

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment”] 

Source Jan. Feb. Mar. 

In di vid ual income taxes ......................................... 135.7 48.0 33.6 

Cor po rate income taxes......................................... 5.7 -1.5 22.1 

Em ploy ment taxes and contri bu tions ............................... 62.3 50.9 59.5 

Un em ploy ment insur ance ....................................... 1.6 2.1 0.2 

Con tri bu tions for other insur ance and retire ment...................... 0.4 0.5 0.4 

Ex cise taxes .................................................. 5.3 4.1 7.1 

Es tate and gift taxes............................................ 2.4 1.9 2.2 

Cus toms duties ............................................... 1.7 1.5 1.7 

Mis cel la neous receipts.......................................... 4.2 3.1 3.3 

To tal budget receipts ......................................... 219.2 110.5 130.1 

Note: Detail may not sum to totals due to inde pend ent rounding. 
12 FED ERAL FISCAL OPER A TIONS

CHART FFO-A.—

Monthly Receipts and Outlays, 2000-2001

(In billions of dollars) 

300 

250 

200 

150 

100 

50 

0 

-50 

A M J J A S O N D J F M A 

CHART FFO-B.— 

On-budget 

receipts 

Off-budget 

receipts 

On-budget 

outlays 

Off-budget 

outlays 

Budget Receipts 

by Source, Fiscal 

Year to Date, 

2000-2001 

(In billions of dollars) 

700 

650 

600 

550 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

2001 

2000 * 

Individual Social Corporate Excise Misc. Estate/gift Customs 

income insurance income taxes receipts taxes duties 

taxes and taxes 

retirement 

receipts 

* Prior-year data are for the compa ra ble period. 

Notes: 

Miscel la neous receipts 2001—Receipts and outlays have been increased by $3 million in March 2001 to reflect the reclas si fi ca tion 

of the “Gift and dona tions, National Space Grant prrogram” from an offset ting intrabudgetary re ceipt to a budget ary receipt. 

Miscel la neous receipts 2000—Receipts have been increased and outlays have been corre spond ingly increased by $16 million in 

Sep tem ber 2000 to reflect addi tional report ing by the Depart ment of Housing and Urban Devel op ment. 
FED ERAL FISCAL OPER A TIONS 13 

TA BLE FFO-1.—Summary of Fiscal Oper a tions 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment”] 

Means of financ ing 

-net transac tions 

Borrowing from 

Total on-budget and off-budget results the public— 

To tal On-budget Off-budget Federal 

sur plus sur plus sur plus secu ri ties 

or or or Public 

To tal On-budget Off-budget To tal On-budget Off-budget def i cit def i cit def i cit debt 

Fis cal year re ceipts re ceipts re ceipts out lays out lays out lays (-) (-) (-) secu ri ties 

or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1996 1 ............ 1,452,763 1,085,271 367,492 1,560,094 1,259,638 300,455 -107,331 -174,367 67,036 252,891 

1997 1 ............ 1,578,977 1,186,987 391,989 1,601,595 1,290,594 311,000 -22,618 -103,607 80,989 189,634 

1998 1 ............ 1999 ............. 1,721,421

1,827,302 

1,305,621

1,382,834 

415,800

444,468 

1,651,383

1,702,942 

1,334,781

1,382,164 

316,602

320,778 

70,039

124,360 

-29,160

670 

99,198

123,691 

112,831

128,230 

2000 ............. 2,025,038 1,544,455 480,583 1,788,140 1,457,375 330,765 236,897 87,079 149,818 23,761 

2001 - Est ......... 2,136,946 1,633,076 503,870 1,856,238 1,508,504 347,734 280,708 124,572 156,136 -3,454 

2002 - Est ......... 2,191,734 1,660,814 530,920 1,960,564 1,601,414 359,150 231,170 59,400 171,770 39,048 

2000 - Mar ......... 135,582 94,587 40,996 170,962 137,864 33,098 -35,380 -43,278 7,897 39,628 

Apr ......... May ........ June ........ 295,148 

146,002 

214,875 

244,662 

107,469 

168,318 

50,486 

38,533 

46,556 

135,651 

149,612 

158,986 

105,742 

114,829 

152,307 

29,909 

34,783 

6,679 

159,497 

-3,611 

55,888 

138,920 

-7,360 

16,012 

20,577 

3,750 

39,877 

-87,214 

-37,953 

39,216 

July......... Aug......... Sept ........ Oct ......... Nov......... 134,074 

138,128 

219,471 

135,111 

125,666 

97,681 

101,429 

176,692 

101,120 

89,215 

36,393 

36,699 

42,779 

33,990 

36,450 

129,013 

148,555 

153,744 

146,431 

149,356 

99,404 

115,540 

114,843 

115,839 

116,736 

29,609 

33,016 

38,901 

30,592 

32,620 

5,061 

-10,427 

65,726 

-11,321 

-23,690 

-1,723 

-14,110 

61,849 

-14,719 

-27,521 

6,784 

3,683 

3,878 

3,398 

3,831 

-23,764 

18,627 

-2,839 

-16,018 

50,734 

Dec......... 200,489 161,737 38,752 167,823 132,747 35,075 32,666 28,990 3,677 -46,117 

2001 - Jan ......... Feb......... 219,215 

110,481 

171,001 

70,555 

48,214 

39,926 

142,836 

158,649 

144,448 

123,573 

-1,612 

35,076 

76,379 

-48,168 

26,553 

-53,018 

49,827 

4,850 

56,109 

19,853 

Mar......... 130,071 84,120 45,951 180,733 145,182 35,551 -50,662 -61,062 10,401 36,646 

Fis cal 2001 to date .. 921,032 677,748 243,284 945,827 778,526 167,302 -24,795 -100,778 75,983 101,208 

Means of financ ing—net transactions, con. 

Bor rowing from the public— Cash and mone tary assets (deduct) 

Fed eral secu ri ties, con. Re serve 

In vest- po si tion Trans ac tions 

ments of U.S. on the U.S. not applied 

Agency Gov ern- Trea sury Spe cial quota in to year’s 

securi- ment To tal op er at ing draw ing the IMF sur plus or Total 

Fis cal year ties ac counts 10+11-12 cash rights Other (de duct) Other def i cit financ ing 

or month (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) 

1996 1 ............. 8,088 131,266 129,713 6,276 -408 -4,626 746 -21,009 615 107,331 

1997 1 ............. -1,857 149,606 38,171 -603 338 -3,034 -1,383 -20,711 472 22,618 

1998 1 ............. -3,814 160,067 -51,051 -4,743 108 3,381 7,110 -13,701 569 -70,039 

1999 .............. -854 216,070 -88,694 17,580 2,178 783 -1,173 -17,307 1,009 -124,360 

2000 .............. -832 245,736 -222,807 -3,799 4,033 908 -6,292 -16,027 -3,213 -236,897 

2001 - Est........... -596 231,885 -235,935 -2,659 * * * -47,432 * -280,708 

2002 - Est........... -343 266,097 -227,392 - * * * -3,778 * -231,170 

2000 - Mar .......... 75 -43 39,746 22,808 60 -191 296 18,680 -73 35,380 

Apr .......... -213 25,239 -112,667 47,787 788 61 -2,464 -227 -431 -159,497 

May.......... -280 15,523 -53,755 -69,470 187 -321 -32 -11,294 -976 3,611 

June ......... 618 62,966 -23,131 34,350 1,135 -726 51 2,729 -676 -55,888 

July .......... -554 6,989 -31,307 -23,384 -187 -51 -342 2,750 -468 -5,061 

Aug .......... -82 8,550 9,995 -20,874 93 79 -1,283 -20,917 -636 10,427 

Sept ......... 31 29,662 -32,470 39,479 966 927 -114 7,956 46 -65,726 

Oct .......... -458 13,190 -29,666 -42,653 -147 725 -158 166 -1,412 11,321 

Nov .......... 35 9,444 41,325 1,432 200 96 -38 -15,474 -471 23,690 

Dec .......... 128 -9,299 -36,689 9,632 1,169 -651 1,335 16,494 -985 -32,666 

2001 - Jan .......... -219 79,881 -23,990 45,761 757 824 254 -4,032 -761 -76,379 

Feb .......... -279 4,473 15,100 -45,717 -655 -949 -974 -14,987 -240 48,168 

Mar .......... -62 4,028 32,557 7,171 -262 248 -327 25,925 -990 50,662 

Fis cal 2001 to date.... -855 101,717 -1,364 -24,374 1,062 296 92 8,092 -4,859 24,795 

* Less than $500,000. 1

 Data for the period do not reflect postyear adjust ments published in the “Monthly Treasury Note.—These figures are based on the fiscal 2002 budget, released by the Office of ManageState ment of Receipts and Outlays of the United States Govern ment,” the source for this table. ment and Budget on April 9, 2001. 
14 FED ERAL FISCAL OPER A TIONS 

TA BLE FFO-2.—On-budget and Off-budget Receipts by Source 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment”] 

Social insurance 

and retire ment receipts 

Employ ment and general retire ment 

In come taxes Old-age, disabil ity, and 

Fis cal year Indi vid ual Cor po ra tion Net income hos pi tal insur ance 

or month With held Other Re funds Net Gross Re funds Net taxes Gross Re funds Net 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1996 1 .............. 533,080 212,234 88,897 656,417 189,055 17,231 171,824 828,241 474,134 1,644 472,490 

1997 1 .............. 580,207 250,819 93,560 737,466 204,492 22,199 182,294 919,760 503,749 1,051 502,698 

1998 1 .............. 646,483 281,590 99,476 828,597 213,270 24,593 188,677 1,017,274 537,733 2,071 535,662 

1999 .............. 693,940 308,246 122,706 879,480 216,325 31,645 184,680 1,064,160 578,244 1,508 576,736 

2000 .............. 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,749 618,075 1,965 616,110 

2001 - Est ........... 1,072,927 - - 1,072,927 213,069 - 213,069 1,285,996 651,098 - 651,098 

2002 - Est ........... 1,078,789 - - 1,078,789 218,786 - 218,786 1,297,575 685,018 - 685,018 

2000 - Mar........... 75,161 7,867 38,239 44,789 27,546 3,273 24,272 69,061 52,117 - 52,117 

Apr........... 56,113 155,467 27,343 184,237 30,256 2,562 27,694 211,931 64,743 - 64,743 

May .......... 65,946 23,359 25,619 63,687 7,427 1,654 5,773 69,460 48,750 - 48,750 

June.......... 59,516 44,169 3,228 100,458 41,899 1,366 40,534 140,992 60,078 - 60,078 

July .......... 64,474 4,068 2,241 66,301 6,605 1,592 5,013 71,314 46,677 - 46,677 

Aug .......... 62,057 7,851 1,874 68,033 6,579 1,903 4,674 72,707 49,704 1,965 47,739 

Sept .......... 59,766 48,230 3,593 104,402 46,183 2,746 43,437 147,839 55,328 - 55,328 

Oct........... 68,287 8,799 1,118 75,969 7,113 5,404 1,709 77,678 44,839 - 44,839 

Nov .......... 62,855 2,321 4,686 60,489 4,292 2,245 2,047 62,536 48,235 - 48,235 

Dec .......... 78,133 6,468 1,116 83,485 53,192 1,886 51,307 134,792 52,598 - 52,598 

2001 - Jan ........... 84,319 52,714 1,330 135,702 7,778 2,066 5,712 141,414 61,804 - 61,804 

Feb .......... 70,179 3,462 25,610 48,030 3,474 4,973 -1,499 46,531 50,499 * 50,498 

Mar .......... 67,068 7,676 41,153 33,591 26,986 4,849 22,137 55,728 59,074 - 59,074 

Fis cal 2001 to date .... 430,840 81,440 75,014 437,266 102,836 21,424 81,412 518,678 317,049 - 317,048 

Social insur ance and retire ment receipts, con. 

Em ploy ment and general retire ment, con. Net for other 

Net Un em ploy ment insur ance in sur ance and retire ment 

em ploy ment Net Fed eral 

Fis cal year Rail road retire ment and general un em ploy ment em ploy ees Other 

or month Gross Re funds Net re tire ment Gross Re funds in sur ance re tire ment re tire ment To tal 

(12) (13) (14) (15) (16) (17) (18) (19) (20) (21) 

1996 1 ............. 3,966 93 3,872 476,362 28,687 103 28,584 4,389 80 4,469 

1997 1 ............. 4,063 12 4,052 506,750 28,307 105 28,202 4,344 74 4,418 

1998 1 ............. 4,381 28 4,353 540,016 27,595 111 27,484 4,261 74 4,335 

1999 .............. 4,150 7 4,143 580,880 26,655 175 26,480 4,399 73 4,472 

2000 .............. 4,348 8 4,338 620,447 27,755 115 27,641 4,693 70 4,763 

2001 - Est .......... 4,407 - 4,407 655,505 29,560 - 29,560 4,523 68 4,591 

2002 - Est .......... 4,513 - 4,513 689,531 31,946 - 31,946 4,259 62 4,321 

2000 - Mar .......... 452 4 447 52,565 336 19 317 441 6 447 

Apr .......... 353 * 352 65,095 2,578 22 2,557 364 7 370 

May.......... 466 3 464 49,212 10,789 11 10,778 398 5 403 

June ......... -44 * -44 60,034 323 12 311 420 7 426 

July.......... 465 6 459 47,136 2,161 17 2,145 365 4 369 

Aug.......... 394 * 394 48,132 3,600 16 3,584 359 7 366 

Sept ......... 347 -7 354 55,682 175 7 168 437 7 443 

Oct .......... 410 2 408 45,247 1,512 3 1,509 395 4 399 

Nov.......... 301 * 301 48,536 2,435 4 2,431 410 7 416 

Dec.......... 334 * 334 52,932 264 4 260 361 6 367 

2001 - Jan .......... 455 * 455 62,259 1,601 5 1,596 355 4 359 

Feb .......... 378 9 370 50,868 2,150 3 2,147 450 8 457 

Mar .......... 416 -9 424 59,499 227 19 209 422 5 427 

Fis cal 2001 to date ... 2,294 2 2,292 319,341 8,190 38 8,152 2,393 33 2,426 

See footnote at end of table. 
FED ERAL FISCAL OPER A TIONS 15 

TA BLE FFO-2.—On-budget and Off-budget Receipts by Source, con. 

[In millions of dollars. Source: “Monthly Statement of Receipts and Outlays of the United States Govern ment”] 

So cial insur ance 

and retire ment 

re ceipts, 

con. 

Net social insur- Ex cise taxes 

Fiscal year ance and Airport and Airway Trust Fund Black Lung Dis abil ity Trust Fund Highway Trust Fund Miscel la neous 

or month re tire ment receipts Gross Re funds Net Gross Re funds Net Gross Re funds Net Gross Re funds Net 

(22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) 

1996 1 .............. 509,415 2,405 21 2,384 614 - 614 25,309 329 24,980 27,698 1,662 26,036 

1997 1 .............. 539,371 4,044 37 4,007 614 - 614 24,665 798 23,867 29,368 931 28,437 

1998 1 .............. 571,835 7,556 43 7,513 636 - 636 26,515 805 25,710 24,524 714 23,810 

1999 ............... 611,832 10,395 4 10,391 596 - 596 40,325 1,148 39,177 20,760 524 20,236 

2000 ............... 652,851 9,784 46 9,739 518 - 518 36,514 1,015 35,499 23,831 721 23,110 

2001 - Est ........... 689,656 10,414 - 10,414 555 - 555 35,431 - 35,431 24,748 - 24,748 

2002 - Est ........... 725,798 11,183 - 11,183 570 - 570 36,539 - 36,539 25,728 - 25,728 

2000 - Mar ........... 53,329 685 * 685 23 - 23 2,092 2 2,090 3,034 110 2,924 

Apr ........... 68,022 775 - 775 47 - 47 2,617 - 2,617 2,548 53 2,495 

May .......... 60,394 849 13 836 52 - 52 3,475 229 3,246 1,277 20 1,257 

June .......... 60,771 952 - 952 24 - 24 3,799 - 3,799 1,409 91 1,318 

July ........... 49,650 789 - 789 53 - 53 3,511 - 3,511 1,715 45 1,669 

Aug........... 52,082 864 9 855 49 - 49 3,465 278 3,187 1,545 57 1,488 

Sept .......... 56,293 1,497 11 1,487 51 - 51 4,640 216 4,424 1,863 56 1,807 

Oct ........... 47,155 496 - 496 37 - 37 2,078 1 2,077 1,681 56 1,625 

Nov ........... 51,383 876 - 876 49 - 49 2,805 - 2,805 2,348 48 2,300 

Dec ........... 53,559 596 - 596 6 - 6 1,533 - 1,533 3,851 120 3,730 

2001 - Jan ........... 64,214 758 - 758 50 - 50 2,876 - 2,876 1,692 70 1,623 

Feb ........... 53,473 763 21 742 42 - 42 2,770 322 2,447 857 14 842 

Mar ........... 60,135 684 - 684 33 - 33 1,875 - 1,875 4,507 36 4,471 

Fis cal 2001 to date .... 329,919 4,174 21 4,153 217 - 217 13,937 323 13,614 14,936 344 14,595 

Ex cise taxes, Net mis cel la neous receipts 

con. Deposits Uni ver sal serNet of earn ings vice fund Total receipts 

Fiscal year excise Estate and gift taxes Customs duties by Federal and all On- Offor month taxes Gross Re funds Net Gross Re funds Net Reserve Banks other To tal budget budget 

(35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) 

1996 1 ............. 54,015 17,592 403 17,189 19,788 1,117 18,671 20,477 4,755 25,232 1,085,271 367,492 

1997 1 ............. 56,926 20,356 511 19,845 19,872 1,945 17,927 19,636 5,513 25,149 1,186,987 391,989 

1998 1 ............. 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800 

1999 .............. 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,860 34,777 1,382,817 444,468 

2000 .............. 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,354 42,647 1,544,455 480,583 

2001 - Est .......... 71,148 31,072 - 31,072 21,442 - 21,442 26,599 11,033 37,632 1,633,076 503,870 

2002 - Est .......... 74,020 28,699 - 28,699 22,537 - 22,537 31,893 11,212 43,105 1,660,814 530,920 

2000 - Mar ......... 5,722 2,438 59 2,379 1,799 119 1,681 2,482 930 3,412 94,587 40,996 

Apr ......... 5,934 4,291 49 4,243 1,561 58 1,503 2,797 718 3,515 244,662 50,486 

May ......... 5,391 2,546 67 2,480 1,682 83 1,598 5,949 729 6,678 107,469 38,533 

June ........ 6,093 2,139 52 2,087 1,850 83 1,767 2,447 718 3,165 168,318 46,556 

July ......... 6,022 1,919 47 1,872 1,858 77 1,781 2,584 851 3,435 97,681 36,393 

Aug ......... 5,580 2,371 67 2,304 2,130 59 2,071 2,471 912 3,383 101,429 36,699 

Sept......... 7,769 2,224 56 2,168 1,873 49 1,823 2,304 1,276 3,579 176,692 42,779 

Oct ......... 4,235 2,966 98 2,868 1,972 72 1,900 1,024 251 1,275 101,120 33,990 

Nov ......... 6,030 2,214 73 2,141 1,737 97 1,640 1,252 684 1,935 89,215 36,450 

Dec ......... 5,865 1,919 56 1,863 1,576 115 1,461 2,236 713 2,949 161,737 38,752 

2001 - Jan.......... 5,307 2,449 46 2,403 1,752 58 1,694 3,227 955 4,183 171,001 48,214 

Feb ......... 4,074 1,944 64 1,879 1,540 66 1,474 2,064 985 3,050 70,555 39,926 

Mar ......... 7,064 2,270 54 2,215 1,729 76 1,653 2,143 1,133 3,276 84,120 45,951 

Fis cal 2001 to date .. 32,576 13,762 392 13,369 10,306 484 9,822 11,946 4,723 16,669 677,748 243,284 

1 Data for the period do not reflect postyear adjust ments published in the “Monthly Treasury Note.—These figures are based on the fiscal 2002 budget, released by the Office of ManageState ment of Receipts and Outlays of the United States Govern ment,” the source for this table. ment and Budget on April 9, 2001. 
16 FED ERAL FISCAL OPER A TIONS 

TA BLE FFO-3.—On-budget and Off-budget Outlays by Agency 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment”] 

De part- De part ment De part ment 

Legis- De part- Depart- ment of Depart- De part- of Health of Housing De part- De part- De partFiscal year lative Ju di cial ment of ment of De fense, ment of ment of and Human and Urban ment of ment of ment of 

or month branch branch Ag ri cul ture Com merce mil i tary Ed u ca tion En ergy Ser vices De vel op ment the Inte rior Jus tice La bor 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

1996 1 .............. 2,272 3,061 54,338 3,703 253,258 29,900 16,199 319,803 25,512 6,720 11,951 32,496 

1997 1 .............. 2,361 3,259 52,558 3,780 258,330 30,013 14,470 339,492 27,833 6,724 14,291 30,461 

1998 1 .............. 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003 

1999 ............... 2,612 3,793 62,839 5,036 261,379 32,435 16,054 359,700 32,736 7,814 18,318 32,459 

2000 ............... 2,913 4,087 75,658 7,931 281,234 33,308 15,010 382,627 30,830 8,020 19,561 31,355 

2001 - Est ........... 3,086 4,300 69,599 5,549 283,915 36,652 16,739 430,466 37,299 8,687 20,689 38,220 

2002 - Est ........... 3,268 4,856 63,250 5,182 303,449 45,230 17,245 468,787 34,791 9,275 22,527 42,042 

2000 - Mar........... 237 408 4,183 729 28,278 4,293 1,136 38,100 3,667 565 1,876 2,350 

Apr........... 209 306 4,467 731 20,425 2,534 1,080 27,601 1,924 597 1,438 2,589 

May .......... 271 319 3,841 1,406 22,708 2,997 1,222 32,255 2,732 491 1,894 2,401 

June.......... 219 323 4,470 983 28,523 2,689 1,384 36,311 3,573 783 1,604 2,621 

July .......... 201 322 3,462 594 18,665 1,415 1,097 27,909 1,546 516 1,406 2,620 

Aug .......... 187 346 4,421 631 23,683 3,513 1,121 34,894 2,456 573 1,687 2,752 

Sept .......... 197 411 10,048 485 27,142 1,483 1,973 31,676 2,267 980 1,595 2,504 

Oct........... 521 283 8,379 511 20,093 2,558 1,245 34,353 2,932 858 1,878 2,601 

Nov .......... 229 401 6,756 490 23,335 2,756 1,261 33,622 2,860 786 2,057 2,596 

Dec .......... 229 338 7,248 442 28,040 4,032 1,447 35,379 3,748 670 1,728 2,892 

2001 - Jan ........... 228 350 7,122 358 20,746 3,272 1,367 32,107 1,206 596 1,912 3,902 

Feb .......... 207 353 5,245 376 21,541 3,898 1,128 32,554 2,155 581 1,509 2,065 

Mar .......... 247 459 5,892 415 30,002 4,562 1,593 39,761 3,660 582 1,710 3,608 

Fis cal 2001 to date .... 1,661 2,184 40,642 2,592 143,758 21,078 8,043 207,777 16,561 4,073 10,795 17,665 

Depart ment of 

De part- the Treasury, De part- De part- Other En vi ron- Fed eral Gen eral InterDe part- ment of in ter est ment of the ment of Corps De fense, men tal Ex ec u tive Emer gency Ser vices na tional 

Fis cal year ment Transpor- on the Trea sury, Vet erans of civil Pro tec tion Of fice of the Man age ment Admin- As sis tance 

or month of State tation Pub lic Debt other Af fairs Engineers pro grams Agency Pres i dent Agency istration Pro gram 

(13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) 

1996 1 .............. 4,953 38,777 343,955 21,375 36,915 - 32,535 6,046 202 - 625 9,716 

1997 1 .............. 5,237 39,838 355,796 23,585 39,279 - 33,833 6,167 219 - 1,083 10,191 

1998 1 .............. 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001 

1999 ............... 6,463 41,836 353,511 33,191 43,169 4,186 32,008 6,752 416 4,040 -46 10,061 

2000 ............... 6,849 45,965 362,118 29,125 47,087 4,334 32,861 7,240 284 3,143 25 12,084 

2001 - Est ........... 9,302 50,611 357,907 30,642 45,235 4,571 34,400 7,495 289 3,145 603 11,351 

2002 - Est ........... 9,700 54,861 350,951 30,588 51,480 4,351 35,402 7,596 309 3,216 -223 12,058 

2000 - Mar........... 481 3,743 20,889 8,076 5,857 332 2,771 691 25 233 137 369 

Apr ........... 483 3,180 19,879 3,016 2,174 327 2,779 553 21 208 45 1,457 

May .......... 486 3,900 26,802 2,312 4,015 330 2,765 637 23 216 101 499 

June.......... 478 4,228 75,884 1,494 5,279 423 2,742 629 20 279 46 528 

July .......... 536 3,787 19,333 1,453 1,921 355 2,743 544 21 120 -108 1,344 

Aug .......... 458 4,856 22,301 471 3,719 403 2,755 646 22 140 -107 852 

Sept .......... 566 4,181 18,231 -4,203 5,618 399 2,751 771 21 150 -230 959 

Oct ........... 1,010 4,731 19,755 479 2,247 397 2,742 670 17 248 426 748 

Nov .......... 671 4,216 25,690 571 3,623 440 2,796 565 22 248 -396 669 

Dec .......... 862 4,043 19,506 649 5,493 413 2,791 607 17 258 167 4,264 

2001 - Jan ........... 611 3,396 79,731 633 2,096 289 2,874 562 20 215 38 1,008 

Feb .......... 524 3,500 19,810 16,371 4,049 364 2,882 625 27 236 -63 532 

Mar .......... 641 3,916 18,724 7,983 6,270 337 2,900 595 46 388 24 1,208 

Fis cal 2001 to date .... 4,320 23,802 183,216 26,687 23,777 2,241 16,985 3,625 152 1,594 197 8,431 

See footnote at end of table. 
FED ERAL FISCAL OPER A TIONS 17 

TA BLE FFO-3.—On-budget and Off-budget Outlays by Agency, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment”] 

Na tional Un dis trib uted offset ting receipts 

Aero nau tics Rents and 

and National Of fice of Small So cial Em ployer In ter est roy al ties Al lowSpace Sci ence Per son nel Busi ness Se cu rity Indepen- share, re ceived on the Outer ances Total outays 

Fis cal year Adminis- Foun- Man age- Adminis- Admin- dent em ployee by trust Con ti nen tal and On- Offor month tration dation ment tration istration agen cies re tire ment funds Shelf lands other bud get bud get 

(25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) 

1996 1 .............. 13,882 - 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 1,259,638 300,455 

1997 1 .............. 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000 

1998 1 .............. 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602 

1999 ............... 13,665 3,285 47,515 58 419,790 6,943 -35,594 -118,634 -3,098 -1,754 1,382,164 320,778 

2000 ............... 13,442 3,487 48,660 -422 441,810 10,361 -37,851 -128,911 -4,580 -1,503 1,457,375 330,765 

2001 - Est ........... 13,777 3,967 50,978 -971 463,006 4,933 -39,153 -142,548 -6,931 -1,572 1,508,504 347,734 

2002 - Est ........... 14,248 4,359 53,351 687 488,182 21,351 -41,559 -152,402 -5,884 -1,960 1,601,414 359,150 

2000 - Mar........... 1,214 281 4,081 166 38,488 1,691 -2,963 -1,119 -307 * 137,864 33,098 

Apr ........... 1,065 252 4,360 213 33,759 929 -2,755 -100 -93 * 105,742 29,909 

May .......... 1,183 258 3,820 37 38,100 960 -2,918 -5,674 -779 * 114,829 34,783 

June.......... 1,276 318 4,082 51 43,109 -4,083 -2,936 -57,907 -435 * 152,307 6,679 

July .......... 972 316 4,303 23 34,301 2,552 -2,831 -86 -837 -1,502 99,404 29,609 

Aug .......... 1,197 379 4,050 -430 36,994 -1,414 -2,827 -1,727 -448 * 115,540 33,016 

Sept .......... 1,196 317 4,118 298 39,708 5,317 -6,638 -420 -127 * 114,843 38,901 

Oct ........... 1,153 262 4,288 64 34,663 954 -2,837 -859 -938 * 115,839 30,592 

Nov .......... 1,217 304 3,872 160 36,599 262 -2,932 -5,778 -616 * 116,736 32,620 

Dec .......... 1,316 295 4,308 -74 40,046 1,537 -2,733 -1,979 -156 - 132,747 35,075 

2001 - Jan........... 889 281 4,426 -50 35,907 517 -2,810 -60,009 -957 - 144,448 -1,612 

Feb .......... 1,103 279 4,098 56 38,473 766 -2,836 -1,797 -942 -1,024 123,573 35,076 

Mar .......... 1,270 282 4,173 54 41,148 1,639 -3,081 -206 -69 - 145,182 35,551 

Fis cal 2001 to date .... 6,948 1,702 25,164 210 226,834 5,674 -17,227 -70,629 -3,679 -1,025 778,526 167,302 

* Less than $500,000. Note.—These figures are based on the fiscal 2002 budget, released by the Office of Man- 1

 Data for the period do not reflect postyear adjust ments published in the “Monthly Treasury age ment and Budget on April 9, 2001. 

State ment of Receipts and Outlays of the United States Govern ment,” the source for this table. 
18 FED ERAL FISCAL OPER A TIONS 

TA BLE FFO-4.—Summary of U.S. Govern ment Receipts by Source and Outlays by Agency, 

March 2001 and Other Periods 

[In millions of dollars. Source: Finan cial Manage ment Service] 

This fiscal year to date Prior fiscal year to date 

Man age ment, Man age ment, 

consol i dated, consol i dated, 

revolv ing and revolv ing and Trust 

Gen eral funds special funds Trust funds To tal funds Gen eral funds special funds funds Total funds 

Clas si fi ca tion (1) (2) (3) (4) (5) (6) (7) (8) 

Bud get receipts: 

Individual income taxes....................... 437,242 24 - 437,266 417,320 23 - 417,343 

Corporation income taxes ..................... 81,409 - 4 81,412 80,160 - 3 80,163

So cial insur ance and retire ment receipts:

Employment and 

general retirement (off-budget) ............ - - 243,284 243,284 - - 229,136 229,136 

general retirement (on-budget) ............ - - 76,056 76,056 - - 66,020 66,020 

Unemployment insurance .................. Other retirement .......................... -

- -- 8,152 2,426 

8,152 

2,426 -- -- 8,098 2,384 

8,098 

2,384 

Excise taxes ............................... 13,999 283 18,294 32,576 12,332 246 19,499 32,077 

Estate and gift taxes ......................... Customs duties ............................. 13,369 

6,429 - 2,993 - 400 

13,369 

9,822 

13,857 

6,051 - 2,970 - 349 

13,857 

9,370 

Miscellaneous receipts ....................... 12,513 3,712 443 16,669 14,892 3,760 241 18,893 

Total receipts........................... 564,961 7,011 349,060 921,032 544,612 6,998 325,730 877,340 

(On-budget)........................... 564,961 7,011 105,775 677,748 544,612 6,998 96,593 648,204 

(Off-budget)........................... - - 243,284 243,284 - - 229,136 229,136 

Bud get outlays: 

Employment and 

Legislative branch ........................... 1,321 281 59 1,661 1,273 344 11 1,628 

Judicial branch ............................. 2,039 165 -19 2,184 1,601 300 158 2,060 

Department of Agriculture ..................... 23,374 16,993 275 40,642 22,649 22,302 -4 44,948 

Department of Commerce..................... 2,522 69 * 2,592 2,987 115 * 3,102 

Department of Defense-military ................ 141,135 2,567 56 143,758 138,324 1,726 37 140,087 

Department of Education ..................... 21,093 -15 * 21,078 18,694 -16 * 18,677 

Department of Energy ........................ 9,346 -1,303 * 8,043 8,927 -1,795 * 7,132 

Department of Health and Human Services ....... 138,795 63 68,920 207,778 127,388 -19 64,609 191,979 

Department of Housing and Urban Development ... 18,724 -2,164 * 16,561 17,944 -1,613 - 16,332 

Department of the Interior ..................... 4,091 -162 144 4,073 3,814 76 188 4,079 

Department of Justice ........................ 6,423 349 4,023 10,795 6,513 529 2,894 9,936 

Department of Labor ......................... 4,014 -975 14,627 17,665 3,788 -767 12,848 15,869 

Department of State ......................... 4,065 134 121 4,320 3,617 125 100 3,842 

Department of Transportation .................. 844 -180 23,137 23,801 524 -115 21,425 21,834

De part ment of theTreasury: Interest on the public debt .................. 183,216 - - 183,216 179,689 - - 179,689 

Other .................................. 27,728 -1,054 13 26,687 25,803 -1,234 14 24,583 

Department of Veterans Affairs................. 23,663 -395 509 23,778 24,123 -273 511 24,361 

Corps of Engineers .......................... 1,713 152 376 2,241 1,572 122 404 2,098 

Other defense civil programs .................. 16,119 4 862 16,985 15,330 * 996 16,325 

Environmental Protection Agency ............... 3,727 -50 -53 3,625 3,520 -43 -18 3,459 

Executive Office of the President ............... 152 * * 152 155 * * 155 

Federal Emergency Management Agency ........ 1,783 -189 * 1,594 1,714 315 * 2,030 

General Services Administration................ 90 107 * 197 103 174 * 278 

International Assistance Program ............... 9,173 -823 82 8,431 7,503 -687 -369 6,447 

National Aeronautics and Space Administration .... 6,951 - -3 6,948 6,554 - * 6,554 

National Science Foundation .................. 1,683 4 15 1,702 1,625 * 22 1,647 

Office of Personnel Management ............... 2,728 21 22,415 25,164 2,480 5 21,441 23,925 

Small Business Administration ................. 393 -184 * 210 -696 81 * -615 

Social Security Administration.................. 20,936 * 205,898 226,835 24,016 * 191,823 215,840 

Other independent agencies................... 3,626 -2,099 4,147 5,675 3,820 -1,743 4,026 6,103

Un dis trib uted offset ting receipts:

Interest ................................. - - -70,629 -70,629 - - -62,997 -62,997 

Other .................................. -4,705 2 -17,227 -21,931 -1,860 * -16,946 -18,806 

Total outlays ........................... 676,761 11,317 257,750 945,827 653,494 17,911 241,175 912,579 

(On-budget)........................... 676,761 12,766 88,999 778,526 653,494 19,225 81,993 754,711 

(Off-budget)........................... - -1,449 168,751 167,302 - -1,314 159,182 157,868 

Surplus (+) or deficit (-) ................... -111,800 -4,306 91,310 -24,795 -108,881 -10,912 84,555 -35,239 

(On-budget)........................... -111,800 -5,755 16,777 -100,778 -108,881 -12,226 14,601 -106,507 

(Off-budget)........................... - 1,449 74,534 75,983 - 1,314 69,954 71,268 

- No transac tions. 

* Less than $500,000. 
19 

IN TRO DUC TION: Source and Availabil ity of the 

Balance in the Account of the U.S. Treasury 

The De part ment of the Trea sury’s (Trea sury’s) op er at ing 

cash is main tained in ac counts with the Fed eral Re serve Banks 

(FRBs) and branches, as well as in tax and loan ac counts in 

other fi nan cial in sti tu tions. Ma jor infor ma tion sources in clude 

FRBs, Trea sury Re gional Financial Cen ters, In ter nal Rev e nue 

Ser vice Cen ters, Bu reau of the Pub lic Debt and var i ous elec­ tronic sys tems. As the FRB ac counts are de pleted, funds are 

called in (with drawn) from thou sands of tax and loan ac counts 

at fi nan cial in sti tu tions through out the coun try. 

Un der author ity of Pub lic Law 95-147 (cod i fied at 31 

United States Code 323), Trea sury im ple mented a pro gram on

No vem ber 2, 1978, to in vest a por tion of its op er at ing cash in 

ob li ga tions ofdepositaries main tain ing tax and loan ac counts. 

Un der the Trea sury tax and loan (TT&L) in vest ment pro gram, 

de pos i tary finan cial insti tu tions se lect the manner in which 

they will partic i pate. Fi nan cial in sti tu tions wish ing to re tain 

funds depos ited into their tax and loan accounts in in terest-bearing ob li ga tions can par tic i pate. The pro gram per mits 

Trea sury to col lect funds through fi nan cial in sti tu tions and to 

leave the funds in TT&L depositaries and in the fi nan cial com­ mu ni ties in which they arise un til Trea sury needs the funds for 

its op er a tions. In this way, Trea sury is able to neu tral ize the effect of its fluc tu at ing op er a tions on TT&L fi nan cial in sti tu tion

re serves and on the economy. Likewise, those insti tu tions 

wish ing to re mit the funds to the Trea sury ac count at FRBs do 

so as col lec tor depositaries. 

De posits to tax and loan ac counts oc cur as cus tom ers of finan cial in sti tu tions de posit tax pay ments, which the fi nan cial

in sti tu tions use to purchase Govern ment secu ri ties. In most 

cases, this in volves a trans fer of funds from a cus tomer’s ac­ count to the tax and loan ac count in the same fi nan cial in sti tution. Also, Trea sury can di rect theFRBs to in vest ex cess funds 

in tax and loan ac counts di rectly from the Trea sury ac count at 

the FRBs. 

TA BLE UST-1.—El e ments of Change in Fed eral Re serve 

and Tax and Loan Note Ac count Bal ances 

[In mil lions of dol lars. Source: Fi nan cial Man age ment Servic e] 

Credits and with draw als 

Fed eral Re serve ac counts 

Credits 1 Tax and loan note ac counts 

Re ceived through With drawals

Fis cal year re mit tance op tion tax and (trans fers to Fed eral

or month Re ceived di rectly loan depositaries With drawals 2 Taxes 3 Re serve ac counts) 

(1) (2) (3) (4) (5) 

1996 ............... 

1997 ............... 

1998 ............... 

1999 ............... 

2000 ............... 

2000 - Mar ........... 

Apr ........... 

May .......... 

June.......... 

July .......... 

Aug .......... 

Sept .......... 

Oct........... 

Nov .......... 

Dec .......... 

2001 - Jan ........... 

Feb .......... 

Mar .......... 

See foot notes at end of ta ble. 

4,366,413 194,156 4,561,495 629,083 621,887 

4,263,210 191,134 4,454,345 775,799 776,394 

4,238,957 259,197 4,500,895 969,668 971,671 

4,893,279 259,019 5,150,608 1,048,120 1,032,230 

4,921,490 253,060 5,172,731 1,189,835 1,195,453 

498,369 22,969 521,985 114,557 91,103 

484,630 21,079 494,199 103,024 66,748 

443,369 19,902 473,694 90,790 149,837 

400,829 24,136 424,203 114,290 80,702 

300,458 19,529 320,803 88,465 111,033 

385,320 20,049 404,800 86,804 108,247 

358,343 21,567 377,412 114,239 77,258 

345,471 23,028 371,598 90,496 130,050 

391,392 23,201 415,670 92,324 89,915 

360,311 37,075 396,619 148,829 139,964 

435,357 30,632 465,777 119,774 74,136 

404,264 26,349 430,914 97,112 142,528 

409,750 30,301 439,350 122,393 115,924 
20 AC COUNT OF THE U.S. TREA SURY 

TA BLE UST-1.—El e ments of Change in Fed eral Re serve 

and Tax and Loan Note Ac count Bal ances, con. 

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] 

Bal ances 

Dur ing pe riod 

End of pe riod High Low Av er age 

Fis cal year Fed eral Tax and loan Fed eral Tax and loan Fed eral Tax and loan Fed eral Tax and loan 

or month Reserve note accounts Re serve note ac counts Re serve note ac counts Re serve note ac counts 

(6) (7) (8) (9) (10) (11) (12) (13) 

1996 ............... 

1997 ............... 

1998 ............... 

1999 ............... 

2000 ............... 

2000 - Mar .......... 

Apr .......... 

May ......... 

June ......... 

July.......... 

Aug.......... 

Sept ......... 

Oct.......... 

Nov.......... 

Dec.......... 

2001 - Jan .......... 

Feb.......... 

Mar.......... 

7,700 36,525 15,668 40,647 2,490 - 5,847 14,194 

7,692 35,930 52,215 38,811 3,145 874 6,836 17,957 

4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 

6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

4,357 40,413 7,611 65,592 4,357 6,200 5,344 14,148 

15,868 92,557 29,444 105,593 4,357 21,839 6,396 48,357 

5,445 23,087 25,635 97,979 3,428 23,087 7,060 64,520 

6,208 51,299 13,668 76,650 3,387 227 6,232 37,036 

5,392 28,661 6,208 52,749 4,267 27,439 5,172 37,435 

5,961 7,218 6,262 24,165 3,943 1,958 5,047 9,466 

8,459 44,199 11,392 54,308 3,717 853 6,695 21,950 

5,360 4,646 8,459 44,199 4,207 426 6,338 13,246 

4,382 7,055 6,228 32,813 4,231 860 5,093 10,621 

5,149 15,920 10,984 30,535 3,872 2,609 5,758 11,603 

5,256 61,574 14,460 68,650 3,832 11,090 6,682 36,481 

4,956 16,158 6,713 45,805 3,446 5,083 4,894 16,003 

5,657 22,627 8,284 32,582 4,057 97 5,390 6,732 

1

 Rep re sents trans fers from tax and loan note ac counts, pro ceeds from sales of se cu ri ties and em ploy ees un der the Fed eral In sur ance Con tri bu tions Act be gin ning Jan u ary 1950 and 

2

 Rep re sents checks paid, wire trans fer pay ments,drawdownson let ters of credit, re demp tions ning July 1953; es ti mated cor po ra tion in come taxes be gin ning April 1967; all cor po ra tion in- other than Gov ern ment ac count se ries and taxes. un der the Rail road Re tire ment Tax Act be gin ning July 1951; a num ber of ex cise taxes be ginof se cu ri ties other than Gov ern ment ac count se ries and in vest ment (trans fer) of ex cess funds come taxes due on or af ter March 15, 1968; Fed eral Un em ploy ment Tax Act taxes be gin ning 

out of this ac count to the tax and loan note ac counts. April 1970 and in di vid ual es ti mated in come taxes be gin ning Oc to ber 1988. 3

 Taxes el i gi ble for credit con sist of those de pos ited by tax pay ers in the tax and loan

depositaries as fol lows: With held in come taxes be gin ning March 1948; taxes on em ploy ers 
21
 

IN TRO DUC TION: Federal Debt
 

Trea sury secu ri ties (i.e., public debt secu ri ties) comprise 

most of the Federal debt, with secu ri ties issued by other Federal agencies account ing for the rest. Tables in this section of 

the “Treasury Bulle tin” reflect the total. Further detailed informa tion is published in the “Monthly Statement of the Public 

Debt of the United States.” Likewise, infor ma tion on agency

se cu ri ties and on invest ments of Federal Govern ment accounts in Federal secu ri ties is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States 

Gov ern ment.” 

Ef fec tive Janu ary 1, 2001, Treasury’s Bureau of the Public Debt revised formats, titles, and column headings in the 

“Monthly Statement of the Public Debt of the United States,” 

Ta ble I: Summary of Treasury Secu ri ties Outstand ing and Table II: Statu tory Debt Limit. These changes should reduce confu sion and bring the publi ca tion more in line with the public’s 

use of terms. 

Trea sury’s Finan cial Manage ment Service (FMS) compiles data in the “Treasury Bulle tin” tables FD-2 and FD-6 

from the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised proce dures and cate go ries in these tables to agree with the Bureau of the Public 

Debt’s publi ca tion changes. 

• Ta ble FD-1 summa rizes the Federal debt by listing

pub lic debt and agency secu ri ties held by the public, includ ing 

the Federal Reserve. It also includes debt held by Federal 

agen cies, largely by the Social Secu rity and other Federal retire ment trust funds. The net unam or tized premium and discount also are listed by total Federal secu ri ties, secu ri ties held 

by Govern ment accounts and secu ri ties held by the public. The 

dif fer ence between the outstand ing face value of the Federal 

debt and the net unam or tized premium and discount is classified as the accrual amount. (For greater detail on holdings of 

Fed eral secu ri ties by partic u lar classes of inves tors, see the 

own er ship tables, OFS-1 and OFS-2.) 

• Ta ble FD-2 cate go rizes by type, that is, market able and 

non mar ket able, the total public debt secu ri ties outstand ing 

that are held by the public. 

• Ta ble FD-2 (Histor i cal) cate go rizes by type inter estbear ing market able and nonmar ket able Treasury secu ri ties. 

The differ ence between inter est-bearing and total public debt 

se cu ri ties reflects outstand ing matured Treasury secu rities—that is, unre deemed secu ri ties that have matured and are 

no longer accru ing inter est. Because the Federal Financing 

Bank is under the super vi sion of Treasury, its secu ri ties are 

held by a U.S. Govern ment account. 

• In table FD-3, nonmar ket able Treasury secu ri ties held 

by U.S. Govern ment accounts are summa rized by issues to 

par tic u lar funds within Govern ment. Many of the funds invest 

in par value special series nonmarketables at inter est rates deter mined by law. Others invest in market-based special Treasury secu ri ties whose terms mirror those of market able

se cu ri ties. 

• Ta ble FD-4 presents inter est-bearing secu ri ties issued 

by Govern ment agencies. Federal agency borrow ing has declined in recent years, in part because the Federal Financing 

Bank has provided financ ing to other Federal agencies. (Federal agency borrow ing from Treasury is presented in the 

“Monthly Treasury Statement of Receipts and Outlays of the 

United States Govern ment.”) 

• Ta ble FD-5 illus trates the aver age length of marketable inter est-bearing public debt held by private inves tors and 

the matu rity distri bu tion of that debt. 

In March 1971, Congress enacted a limited excep tion to 

the amount of bonds with rates greater than 4-1/4 percent that 

could be held by the public. This permit ted Treasury to offer 

se cu ri ties matur ing in more than 7 years at current market inter est rates for the first time since 1965. In March 1976, the 

def i ni tion of a bond was changed to include those secu ri ties

lon ger than 10 years to matu rity. This excep tion has expanded 

since 1971, autho riz ing Treasury to continue to issue longterm secu ri ties. The ceiling on Treasury bonds was repealed 

on Novem ber 10, 1988. 

The volume of privately held Treasury market able secu rities by matu rity class reflects the remain ing period to matu rity 

of Treasury bills, notes and bonds. The aver age length is comprised of an aver age of remain ing peri ods to matu rity, 

weighted by the amount of each secu rity held by private investors. In other words, compu ta tions of aver age length exclude 

Gov ern ment accounts and the FRBs. 

• In table FD-6, the debt ceiling is compared with the 

out stand ing debt subject to limi ta tion by law. The other debt

cat e gory includes Federal debt Congress has desig nated as being subject to the debt ceiling. 

• In table FD-6 (Histor i cal), the same debt infor ma tion 

is compared as in table FD-6. Changes in the non-interestbear ing debt shown in the last column reflect matu ri ties of 

Trea sury secu ri ties on nonbusi ness days, which can be redeemed on the next business day. 

• Ta ble FD-7 details Treasury holdings of secu ri ties issued by Govern ment corpo ra tions and other agencies. Certain 

Fed eral agencies are autho rized to borrow money from the

Trea sury, largely to finance direct loan programs. In addi tion,

agen cies such as the Bonneville Power Admin is tra tion are autho rized to borrow from the Treasury to finance capi tal projects. Treasury, in turn, finances these loans by selling

Trea sury secu ri ties to the public. 
22 FED ERAL DEBT 

TA BLE FD-1.—Summary of Federal Debt 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment”] 

Se cu ri ties held by 

Amount outstanding Gov ern ment accounts The public 

Pub lic debt Agency Public debt Agency Public debt Agency

or month 

End of fiscal year 

To tal securities secu ri ties Total secu ri ties secu ri ties Total secu ri ties secu ri ties 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

1996 ............ 5,259,842 5,224,811 35,030 1,454,609 1,447,003 7,606 3,805,233 3,777,808 27,424 

1997 ............ 5,446,320 5,413,146 33,173 1,603,862 1,596,765 7,098 3,842,458 3,816,381 26,075 

1998 ............ 5,555,552 5,526,193 29,359 1,767,778 1,763,860 3,917 3,787,774 3,762,333 25,442 

1999 ............ 5,684,776 5,656,271 28,505 1,989,308 1,988,674 634 3,695,468 3,667,597 27,871 

2000 ............ 5,701,850 5,674,178 27,672 2,235,763 2,235,710 51 3,466,087 3,438,469 27,621 

2000 - Mar......... 5,801,544 5,773,392 28,152 2,085,801 2,085,418 384 3,715,743 3,687,974 27,768 

Apr......... 5,713,047 5,685,108 27,939 2,111,144 2,110,760 384 3,601,903 3,574,348 27,555 

May ........ 5,674,829 5,647,170 27,659 2,127,690 2,127,639 51 3,547,139 3,519,531 27,608 

June ........ 5,714,216 5,685,938 28,278 2,190,276 2,190,225 51 3,523,940 3,495,713 28,227 

July ........ 5,686,531 5,658,807 27,724 2,197,107 2,197,056 51 3,489,424 3,461,751 27,673 

Aug ........ 5,705,463 5,677,822 27,641 2,206,204 2,206,153 51 3,499,259 3,471,669 27,590 

Sept ........ 5,701,850 5,674,178 27,672 2,235,763 2,235,710 51 3,466,087 3,438,468 27,621 

Oct......... 5,684,542 5,657,328 27,214 2,248,673 2,248,622 51 3,435,869 3,408,706 27,163 

Nov ........ 5,736,948 5,709,699 27,249 2,258,532 2,258,481 51 3,478,416 3,451,218 27,198 

Dec ........ 5,689,593 5,662,216 27,377 2,248,726 2,248,675 51 3,440,867 3,413,541 27,326 

2001 - Jan ......... 5,743,229 5,716,071 27,158 2,328,712 2,328,662 51 3,414,517 3,387,409 27,107 

Feb ........ 5,762,738 5,735,859 26,879 2,333,804 2,333,753 51 3,428,934 3,402,106 26,828 

Mar ........ 5,800,558 5,773,740 26,818 2,339,405 2,339,354 51 3,461,153 3,434,386 26,767 

Fed eral debt secu ri ties Se cu ri ties held by Govern ment accounts Se cu ri ties held by the public 

End of fiscal year or month 

Amount out- stand ing face 

value 

Net 

unamortized 

premium 

and discount 

Accrual 

amount 

Amount out- stand ing face 

value 

Net 

unamortized 

premium Ac crual

and discount amount 

Amount out- stand ing face 

value 

Net 

unamortized 

premium Ac crual

and discount amount 

(10) (11) (12) (13) (14) (15) (16) (17) (18) 

1996 ............ 5,259,842 77,933 5,181,910 1,454,609 5,643 1,448,966 3,805,233 72,289 3,732,944 

1997 ............ 5,446,320 76,633 5,369,687 1,603,862 7,000 1,596,862 3,842,458 69,633 3,772,825 

1998 ............ 5,555,552 76,849 5,478,704 1,767,778 10,687 1,757,090 3,787,774 66,162 3,721,613 

1999 ............ 5,684,776 78,696 5,606,080 1,989,308 16,148 1,973,160 3,695,468 62,548 3,632,920 

2000 ............ 5,701,850 72,842 5,629,009 2,235,763 16,867 2,218,896 3,466,087 55,975 3,410,113 

2000 - Mar......... 5,801,544 78,130 5,723,415 2,085,801 15,834 2,069,968 3,715,743 62,296 3,653,447 

Apr......... 5,713,047 77,059 5,635,988 2,111,144 15,937 2,095,207 3,601,903 61,122 3,540,781 

May ........ 5,674,829 77,074 5,597,755 2,127,690 16,960 2,110,730 3,547,139 60,114 3,487,025 

June ........ 5,714,216 76,625 5,637,590 2,190,276 16,580 2,173,695 3,523,940 60,045 3,463,895 

July ........ 5,686,531 73,259 5,613,272 2,197,107 16,423 2,180,684 3,489,424 56,836 3,432,588 

Aug ........ 5,705,463 73,648 5,631,817 2,206,204 16,970 2,189,234 3,499,259 56,676 3,442,583 

Sept ........ 5,701,850 72,842 5,629,009 2,235,761 16,867 2,218,896 3,466,087 55,975 3,410,113 

Oct......... 5,684,542 72,009 5,612,533 2,248,673 16,718 2,231,955 3,435,869 55,291 3,380,578 

Nov ........ 5,736,948 73,646 5,663,302 2,258,532 17,002 2,241,530 3,478,416 56,644 3,421,772 

Dec ........ 5,689,593 72,280 5,617,313 2,248,726 16,496 2,232,230 3,440,867 55,784 3,385,083 

2001 - Jan ......... 5,743,229 70,026 5,673,204 2,328,712 16,601 2,312,111 3,414,517 53,425 3,361,093 

Feb ........ 5,762,738 69,962 5,692,777 2,333,804 17,219 2,316,585 3,428,934 52,743 3,376,193 

Mar ........ 5,800,558 71,196 5,729,362 2,339,405 18,793 2,320,613 3,461,153 52,403 3,408,749 
FED ERAL DEBT 23 

TA BLE FD-2.—Debt Held by the Public* 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Mar ket able 

End of fiscal year

or month 

To tal

public debt

se cu ri ties

outstanding To tal Bills Notes Bonds 

Infla tion-indexed

notes and bonds 

Nonmar ket able 

Total 

(1) (2) (3) (4) (5) (6) (7) 

2001 - Jan........ 3,388,014 2,961,864 656,148 1,555,056 623,368 127,292 426,149 

Feb ....... 3,402,738 2,973,797 680,659 1,534,890 631,024 127,225 428,940 

Mar ....... 3,435,029 3,002,409 712,032 1,534,868 627,510 127,999 432,621 

Non mar ket able, con. 

End of fiscal year or month U.S. savings

se cu ri ties For eign series 

Gov ern ment

ac count series 

State and local 

govern ment series 

Domes tic 

series Other 

(8) (9) (10) (11) (12) (13) 

2001 - Jan ............... 184,596 24,936 35,649 147,898 29,996 3,074 

Feb .............. 184,693 24,936 36,338 149,904 29,996 3,074 

Mar .............. 184,815 24,736 37,047 152,887 29,996 3,139 

* Effec tive June 2001, FMS revised proce dures and cate go ries in this table to reflect the format 

changes in the “Monthly Statement of the Public Debt of the United States.” 
24 FED ERAL DEBT 

TA BLE FD-2.—Inter est-Bearing Public Debt (Histor i cal) 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Mar ket able 

To tal Treasury 

End of fiscal year inter est-bearing To tal

 Treasury Treasury Treasury infla tion-indexed

or month pub lic debt bills notes bonds notes and bonds 

Federal 

Financing

Bank 

Nonmar ket able 

Total 

(1) (2) (3) (4) (5) (6) (7) (8) 

1996........... 5,220,790 3,418,371 761,232 2,098,670 543,469 - 15,000 1,802,419 

1997........... 5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912 

1998........... 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651 

1999........... 5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242 

2000........... 5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

2000 - Mar ....... 5,763,794 3,261,231 753,288 1,732,606 652,964 107,373 15,000 2,502,564 

Apr ....... 5,646,150 3,119,260 651,307 1,693,993 650,964 107,996 15,000 2,526,890 

May ....... 5,637,059 3,092,397 636,604 1,692,174 639,739 108,879 15,000 2,544,662 

June ....... 5,675,889 3,070,730 629,928 1,679,094 637,739 108,970 15,000 2,605,158 

July ....... 5,648,865 3,046,111 620,616 1,663,128 633,239 114,127 15,000 2,602,754 

Aug ....... 5,667,989 3,056,536 647,355 1,642,643 636,763 114,774 15,000 2,611,454 

Sept ....... 5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

Oct ....... 5,647,557 2,993,882 618,548 1,608,758 631,262 120,313 15,000 2,653,675 

Nov ....... 5,700,007 3,036,727 682,134 1,589,592 629,012 120,989 15,000 2,663,279 

Dec ....... 5,618,061 2,966,885 646,855 1,557,304 626,512 121,215 15,000 2,651,176 

Non mar ket able, con. 

End of fiscal year

or month 

U.S. savings

se cu ri ties For eign series 

Gov ern ment

ac count series 

State and local 

govern ment series 

Domes tic 

series Other 

(9) (10) (11) (12) (13) (14) 

1996 .................. 184,147 37,488 1,454,690 95,674 29,995 424 

1997 .................. 182,665 34,909 1,608,478 111,863 29,995 1 

1998 .................. 180,816 35,079 1,777,329 164,431 29,995 1 

1999 .................. 180,019 30,970 2,005,166 168,091 29,995 1 

2000 .................. 177,724 25,431 2,242,900 153,288 29,996 1 

2000 - Mar .............. 178,625 28,768 2,103,309 161,865 29,995 1 

Apr............... 178,526 28,668 2,127,484 162,216 29,995 1 

May .............. 177,754 28,518 2,146,678 161,716 29,996 1 

June .............. 177,726 27,731 2,209,352 160,352 29,996 1 

July .............. 177,813 25,431 2,214,507 155,007 29,996 1 

Aug .............. 177,669 25,431 2,223,995 154,362 29,996 1 

Sept .............. 177,724 25,431 2,242,900 153,288 29,996 1 

Oct............... 177,949 25,431 2,267,351 152,948 29,996 1 

Nov .............. 178,142 25,111 2,277,298 152,731 29,996 1 

Dec .............. 176,866 27,161 2,266,127 151,026 29,996 1 
FED ERAL DEBT 25 

Ta ble FD-3.—Govern ment Account Series 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Fed eral

Air port Fed eral Fed eral Fed eral Federal Old-age and

and Airway Bank Employees Ex change Disability em ployees Hos pi tal Housing Sur vi vors

End of fiscal year Trust Insur ance Life Insur­ Stabilization Insur ance re tire ment Insur ance Admin is tra­ Insur ance or month To tal Fund Fund ance Fund Fund Trust Fund funds Trust Fund tion Trust Fund

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1996............ 1,454,690 7,682 22,186 16,962 11,853 50,051 377,677 125,805 7,894 499,403 

1997............ 1,608,478 6,360 26,329 18,038 15,460 63,513 407,202 116,621 13,643 567,445 

1998............ 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282 

1999............ 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226 

2000............ 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519 

2000 - Mar ........ 2,103,309 12,605 28,468 21,603 13,337 101,069 478,204 146,069 16,634 823,344 

Apr ........ 2,127,484 12,809 28,260 21,129 13,504 104,501 475,706 154,147 16,634 840,622 

May ........ 2,146,678 12,888 29,008 21,985 13,577 105,451 474,235 153,584 16,457 843,466 

June ........ 2,209,352 13,121 29,993 22,027 12,645 110,623 489,286 161,848 16,986 877,948 

July ........ 2,214,507 13,209 29,042 22,038 12,714 111,510 486,710 163,771 16,987 883,378 

Aug ........ 2,223,995 13,199 29,281 22,375 12,637 112,500 484,250 163,625 17,642 889,172 

Sept ........ 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519 

Oct ........ 2,267,351 13,441 29,339 22,431 10,951 114,122 504,825 168,069 16,764 896,121 

Nov ........ 2,277,298 14,136 29,673 22,758 10,876 114,798 502,533 169,272 18,012 898,026 

Dec ........ 2,266,127 14,402 29,360 22,562 9,929 114,695 500,188 171,622 18,011 901,597 

2001 - Jan......... 2,348,243 13,654 29,818 22,727 9,984 120,689 515,284 183,507 19,028 945,071 

Feb ........ 2,354,000 13,740 30,010 23,025 10,026 121,623 512,711 183,604 18,631 948,901 

Mar ........ 2,360,298 13,703 30,146 23,026 10,069 123,356 510,317 182,106 19,956 958,190 

End of fiscal year

or month 

Fed eral

Sav ings and 

Loan

Cor po ra tion,

Res o lu tion

Fund 

Fed eral

Sup ple men­
 tary Medi cal
 Insur ance
 Trust Fund 
 

Gov ern ment
 Life Insur- High way
 ance Fund Trust Fund
 

Na tional

Ser vice Life

In sur ance

Fund 

Postal

Ser vice Fund
 

Rail road

Re tire ment

Ac count 

Treasury

deposit

funds 

Unem ploy­ ment Trust 

Fund Other 

(11) (12) (13) (14) (15) (16) (17) (18) (19) (20) 

1996 ........... 694 27,175 99 11,660 12,007 860 14,763 77 53,849 213,993 

1997 ........... 1,806 34,464 - 22,341 12,023 860 17,486 74 61,880 222,933 

1998 ........... 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878 

1999 ........... 2,304 26,528 - 28,083 11,954 - 22,347 71 77,357 264,153 

2000 ........... 2,508 45,075 - 31,023 11,804 1,086 22,628 62 86,399 266,154 

2000 - Mar ........ 2,331 44,709 - 26,152 11,881 - 22,206 69 75,739 278,889 

Apr ........ 2,328 46,950 - 26,334 11,803 - 22,261 69 75,056 275,371 

May ....... 2,340 46,275 - 27,297 11,723 - 22,381 66 84,542 281,403 

June ....... 2,354 45,265 - 27,550 12,066 - 22,372 66 85,915 279,287 

July ....... 2,383 46,042 - 28,756 11,990 69 22,531 66 85,267 278,044 

Aug ....... 2,430 45,392 - 29,188 11,907 615 22,660 62 87,882 279,178 

Sept ....... 2,508 45,075 - 31,023 11,804 1,086 22,628 62 86,399 266,154 

Oct ........ 2,428 45,133 - 30,269 11,727 - 22,708 62 85,477 293,484 

Nov ....... 2,441 44,346 - 30,859 11,653 - 22,756 18 86,897 298,244 

Dec ....... 2,455 42,846 - 24,545 11,581 600 22,722 18 85,269 293,727 

2001 - Jan ........ 2,468 45,055 - 25,316 11,914 403 22,764 - 85,902 294,657 

Feb........ 2,477 45,579 - 26,023 11,827 - 22,838 - 85,941 297,044 

Mar........ 2,487 45,560 - 25,712 11,727 - 22,950 - 83,139 297,854 
26 FED ERAL DEBT 

TA BLE FD-4.—Inter est-Bearing Secu ri ties Issued by Govern ment Agencies 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment” and Finan cial Manage ment Service] 

Fed eral De posit

In sur ance Corpo ra tion
 

Fed eral Depart ment 

Savings of Housing Farm 

and Loan and Urban Credit Other 

Insur ance De vel op ment System inde pend ent 

Corpo ra tion, Federal Finan cial Tennes see End of fiscal year To tal Resolution Housing Assis tance Valley Postal

or month out stand ing Fund Admin is tra tion Corp. Author ity Service Other

(1) (2) (3) (4) (5) (6) (7) 

1996 ................. 

1997 ................. 

1998 ................. 

1999 ................. 

2000 ................. 

2000 - Mar .............. 

Apr .............. 

May .............. 

June.............. 

July .............. 

Aug .............. 

Sept .............. 

Oct .............. 

Nov .............. 

Dec .............. 

2001 - Jan .............. 

Feb .............. 

Mar .............. 

35,030 126 82 1,261 28,683 4,406 472
 

33,173 95 68 1,261 27,386 3,898 465
 

29,359 63 174 1,261 26,685 717 458
 

28,505 63 114 863 26,378 634 451
 

27,672 63 227 775 25,987 51 569
 

28,152 63 168 864 26,225 384 448
 

27,939 63 173 864 26,005 384 450
 

27,659 63 184 864 26,046 51 451
 

28,278 63 185 864 26,663 51 452
 

27,724 63 205 864 26,088 51 453
 

27,641 63 210 864 25,886 51 568
 

27,672 63 227 775 25,987 51 569
 

27,214 63 237 775 25,517 51 570
 

27,249 63 239 775 25,549 51 572
 

27,377 63 255 775 25,660 51 573
 

27,158 63 275 775 25,420 51 574
 

26,879 63 291 775 25,135 51 564
 

26,818 63 307 775 25,057 51 565
 
FED ERAL DEBT 27 

TA BLE FD-5.—Matu rity Distri bu tion and Aver age Length of Market able

In ter est-Bearing Public Debt Held by Private Inves tors 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Ma tu rity classes 

Amount 

End of fiscal year outstanding Within 20 years

or month privately held 1 year 1-5 years 5-10 years 10-20 years or more Aver age length 1 

(1) (2) (3) (4) (5) (6) (7) 

1996 .............. 

1997 .............. 

1998 .............. 

1999 .............. 

2000 .............. 

2000 - Mar ........... 

Apr ........... 

May ........... 

June .......... 

July ........... 

Aug ........... 

Sept .......... 

Oct ........... 

Nov ........... 

Dec ........... 

2001 - Jan. ........... 

Feb ........... 

Mar ........... 

3,011,185 1,058,558 1,212,258 306,643 111,360 322,366 5 yrs. 3 mos. 

2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos. 

2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos. 

2,728,011 915,145 962,644 378,163 149,703 322,356 5 yrs. 9 mos. 

2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos. 

2,743,400 1,001,796 889,900 372,500 151,049 328,156 5 yrs. 7 mos. 

2,600,311 893,167 857,878 371,881 151,048 326,337 5 yrs. 10 mos. 

2,570,193 876,491 860,823 362,767 155,082 315,031 5 yrs. 10 mos. 

2,549,041 877,788 842,755 362,792 151,975 313,732 5 yrs. 10 mos. 

2,524,546 871,922 822,703 367,915 150,725 311,281 5 yrs. 9 mos. 

2,530,893 887,294 822,565 355,767 168,672 296,595 5 yrs. 10 mos. 

2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos. 

2,451,427 847,999 784,391 354,418 164,211 300,407 5 yrs. 10 mos. 

2,491,065 908,769 773,442 345,276 164,211 299,365 5 yrs. 9 mos. 

2,423,503 871,579 746,162 344,615 162,096 299,050 5 yrs. 10 mos. 

2,428,525 879,611 741,178 348,632 162,096 297,008 5 yrs. 9 mos. 

2,434,842 876,447 749,391 342,160 169,386 297,457 5 yrs. 10 mos. 

2,430,055 902,824 722,106 342,556 168,191 294,378 5 yrs. 9 mos. 

1 Be gin ning Septem ber 1976, the matu rity distri bu tion and aver age length were calcu lated on end of the fiscal years back through 1967.
 

the inter est-bearing market able debt privately held. Infla tion-indexed notes (first offered in Note.— Details may not add to totals due to rounding.
 

1997) are excluded from the aver age length calcu la tion. Published data were changed for the
 
28 FED ERAL DEBT 

TA BLE FD-6.—Debt Subject to Statutory Limit* 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Se cu ri ties outstand ing

Debt subject to limit sub ject to limit 

End of fiscal year Stat u tory debt 

or month limit To tal Pub lic debt Other debt 1 Pub lic debt Other debt 

Secu ri ties not 

subject to 

limit 

(1) (2) (3) (4) (5) (6) (7) 

2001 - Jan ................ 5,950,000 5,636,375 5,636,231 144 5,716,071 144 79,840 

Feb ............... 5,950,000 5,655,895 5,655,754 140 5,735,859 140 80,105 

Mar ............... 5,950,000 5,692,496 5,692,323 173 5,773,740 173 81,416 

1 Con sists of guaran teed debt issued by the Federal Housing Admin is tra tion.	 * Effec tive June 2001, FMS revised proce dures and cate go ries in this table to reflect the format 

changes in the “Monthly Statement of the Public Debt of the United States.” 

TA BLE FD-6.—Debt Subject to Statutory Limi ta tion (Histor i cal) 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Debt outstand ing In ter est-bearing debt

sub ject to limi ta tion sub ject to limi ta tion 

End of fiscal year Stat u tory debt 

or month limit To tal Pub lic debt Other debt 1 Pub lic debt Other debt 

Non-interestbearing debt 

subject to 

limi ta tion 

(1) (2) (3) (4) (5) (6) (7) 

1996 ................... 5,500,000 5,137,195 5,137,113 82 5,135,157 82 1,956 

1997 ................... 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546 

1998 ................... 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448 

1999 ................... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972 

2000 ................... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 

2000 - Mar ................ 5,950,000 5,686,853 5,686,734 119 5,677,792 119 8,942 

Apr ................ 5,950,000 5,622,637 5,622,518 118 5,613,733 118 8,785 

May ............... 5,950,000 5,646,910 5,646,762 147 5,638,139 147 8,623 

June ............... 5,950,000 5,686,504 5,686,344 160 5,677,802 160 8,542 

July ............... 5,950,000 5,599,334 5,599,168 166 5,561,264 166 37,904 

Aug ............... 5,950,000 5,561,420 5,561,245 176 5,552,188 176 9,057 

Sept ............... 5,950,000 5,600,647 5,600,471 177 5,591,475 177 8,996 

Oct ................ 5,950,000 5,576,713 5,576,517 196 5,567,628 196 8,889 

Nov ............... 5,950,000 5,594,586 5,594,384 201 5,585,603 201 8,781 

Dec ............... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 

1 Con sists of guaran teed debt issued by the Federal Housing Admin is tra tion. 
FED ERAL DEBT 29 

TA BLE FD-7.—Treasury Holdings of Secu ri ties Issued 

by Govern ment Corpo ra tions and Other Agencies 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment”] 

De part ment of Agri cul ture 

Ru ral Housing Ru ral Business and Commu nity and Coop er a tive For eign

Farm-Service Ru ral Utilities De vel op ment De vel op ment Ag ri cul tural

or month 

End of fiscal year 

To tal Agency Service Ser vice Ser vice Ser vice 

(1) (2) (3) (4) (5) (6) 

1996 ............... 

1997 ............... 

1998 ............... 

1999 ............... 

2000 ............... 

2000 - Mar ............ 

Apr ............ 

May............ 

June ........... 

July ............ 

Aug............ 

Sept ........... 

Oct ............ 

Nov ............ 

Dec ............ 

2001 - Jan ............ 

Feb ............ 

Mar ............ 

117,292 3,273 12,040 6,430 113 647 

133,301 9,818 12,925 6,676 157 670 

154,155 19,937 13,295 7,808 203 642 

182,988 32,625 13,837 8,506 261 761 

191,596 27,323 14,690 9,413 305 729 

180,232 24,383 14,931 9,665 307 761 

180,538 25,923 14,931 9,665 307 761 

181,581 26,148 14,930 9,665 307 761 

188,710 27,206 14,740 9,665 307 761 

187,035 27,808 14,740 9,665 307 761 

187,370 23,166 14,739 9,665 307 780 

191,596 27,323 14,690 9,413 305 729 

200,258 32,149 14,425 9,413 305 725 

182,032 14,808 14,376 9,413 305 725 

186,407 17,455 14,421 9,423 320 725 

195,339 21,257 15,028 9,423 320 725 

196,484 22,506 15,074 9,423 320 739 

200,210 23,934 15,074 9,423 361 739 

De part ment of

En ergy 

De part ment of Housing

and Urban Devel op ment 

De part ment

of the Treasury 

De part ment

of Veterans Affairs 

End of fiscal year De part ment

or month of Edu ca tion 

Bonneville
 Power

Ad min is tra tion
 

Fed eral 

Housing

Administration 

Other 

Housing 

programs 

Fed eral Di rect Loan

Fi nancing Bank Fund 

(7) (8) (9) (10) (11) (12) 

1996 ............... 

1997 ............... 

1998 ............... 

1999 ............... 

2000 ............... 

2000 - Mar ............ 

Apr ............ 

May............ 

June ........... 

July ............ 

Aug............ 

Sept ........... 

Oct ............ 

Nov ............ 

Dec ............ 

2001 - Jan ............ 

Feb ............ 

Mar ............ 

13,399 2,456 3,123 6,909 47,046 * 

23,532 2,499 3,639 6,174 34,944 * 

35,610 2,499 6,579 5,293 34,036 -

52,440 2,515 7,996 4,628 28,115 -

65,716 2,513 7,155 3,653 27,836 -

56,414 2,559 7,996 4,203 24,305 -

56,414 2,599 7,996 4,203 23,699 -

56,414 2,464 7,996 4,203 24,102 -

62,913 2,464 7,996 4,203 23,512 -

62,913 2,546 7,996 4,203 23,142 -

67,792 2,453 7,996 4,203 23,039 -

65,716 2,513 7,155 3,653 27,836 -

70,616 2,513 7,155 3,653 26,279 -

70,616 2,513 7,155 3,653 25,169 -

70,616 2,513 7,155 3,653 25,574 -

75,963 2,648 7,155 3,653 24,347 -

75,963 2,648 7,155 3,653 23,923 -

76,158 2,648 7,155 3,653 24,351 -
30 FED ERAL DEBT 

TA BLE FD-7.—Treasury Holdings of Secu ri ties Issued by Govern ment

Cor po ra tions and Other Agencies, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment”] 

De part ment 

of Veterans Affairs, con. 

End of fiscal year Loan Guaranty or month Fund 

Export-Import 

Bank of the 

United States 

Rail road

Re tire ment

Board 

Small

Busi ness

Ad min is tra tion Other 

(13) (14) (15) (16) (17) 

1996 .......... 1,270 2,736 5,018 8,811 4,021 

1997 .......... 2,028 3,140 5,039 9,406 12,651 

1998 .......... - 3,956 4,993 9,559 9,745 

1999 .......... - 6,603 4,848 9,825 10,030 

2000 .......... - 6,683 4,874 10,012 10,694 

2000 - Mar ....... - 6,665 6,342 8,981 12,720 

Apr ....... - 6,665 6,606 8,981 11,787 

May ...... - 6,970 6,851 8,981 11,789 

June ...... - 6,970 4,138 9,954 13,879 

July....... - 4,921 4,397 9,954 13,681 

Aug....... - 4,921 4,611 10,012 13,684 

Sept ...... - 6,683 4,874 10,012 10,694 

Oct ....... - 6,683 5,129 10,012 11,201 

Nov....... - 6,683 5,365 10,012 11,241 

Dec....... - 6,683 5,635 9,329 12,908 

2001 - Jan ....... - 6,683 5,912 9,329 12,897 

Feb ....... - 6,683 6,165 9,329 12,905 

Mar ....... - 7,327 6,430 10,083 12,876 

* Less than $500,000. 
FED ERAL DEBT 31 

CHARTS FD-A.—Average Length 

of Privately Held Marketable Debt 

(Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.) 

Years 6 

5.5 

5 

J F M A M J J A S O N D 

March 31, 2001 

5 Years, 9 Months 

Years 

12 

10 

8 

6 

4 

2 

0 

June 1947 

10 Years, 

5 Months 

Dec. 1975 

2 Years, 

5 Months 

45 49 53 57 61 65 69 73 77 81 85 89 93 97 01
 
32
 

IN TRO DUC TION: Public Debt Oper a tions
 

Chap ter 31 of Title 31 of the United States Code allows 

the Secre tary of Treasury to borrow money by issu ing Treasury secu ri ties. The Secre tary deter mines the terms and conditions of issue, conver sion, matu rity, payment and inter est rate. 

New issues of Treasury notes mature in 2 to 10 years. Bonds

ma ture in more than 10 years from the issue date. Each outstand ing market able secu rity is listed in the “Monthly Statement of the Public Debt of the United States.” The infor ma tion 

in this section of the “Treasury Bulle tin” pertains only to market able Trea sury secu ri ties. 

• Ta ble PDO-1 provides a matu rity schedule of interest-bearing market able Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in matu rity order, from earli est to latest. A sepa rate breakout is provided for 

the combined holdings of the Govern ment accounts and Federal Reserve Banks (FRBs), so that the “all other inves tors”

cat e gory includes all private holdings. 

• Ta ble PDO-2 pres ents the results of weekly auctions of 

13- and 26-week bills. Treasury bills mature each Thursday. 

Issues of 13-week bills are reopenings of 26-week bills. Issues 

of cash manage ment bills also are presented. High yields on

ac cepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both compet itive and noncom pet i tive bases. 

To encour age the partic i pa tion of indi vid u als and smaller 

in sti tu tions, Treasury accepts noncom pet i tive tenders of up to 

$1 million for bills and $5 million for notes and bonds in each 

auc tion of secu ri ties. 

• Ta ble PDO-3 lists the results of auctions of market able

se cu ri ties, other than weekly bills, in chrono log i cal order over 

the past 2 years. 

• Ta ble PDO-4 indi cates the total amount of market able

se cu ri ties allot ted to each class of inves tor. TheFRBs tally into

in ves tor classes the tenders in each auction of market able secu ri ties other than weekly auctions of 13- and 26-week bills. 

TREA SURY FI NANCING: JANU ARY-MARCH 

[Source: Bureau of the Public Debt, Office of Financing] 

JANUARY 

Auc tion of 10-Year Infla tion-Indexed Notes 

On Janu ary 3, 2001, Trea sury announced it would auction 

$6,000 million of 10-year infla tion-indexed notes to raise 

cash. 

The 10-year infla tion-indexed notes of Janu ary 2011 were 

dated Janu ary 15, 2001, and issued Janu ary 16, 2001. They are 

due Janu ary 15, 2011, with inter est payable on July 15 and Janu ary 15 until matu rity. Accrued inter est of $0.09669 per 

$1,000, cover ing the period from Janu ary 15, 2001, to Janu ary 

16, 2001, was payable with each accepted tender. 

Trea sury received tenders for the notes before 12 noon eastern standard time (e.s.t.) for noncom pet i tive tenders and before 1 p.m. e.s.t. for compet i tive tenders on Janu ary 10. 

Ten ders totaled $10,110 million; Treasury accepted $6,000

mil lion at the high yield of 3.522 percent with an equiva lent

ad justed price of 99.818. Tenders at the high yield were allotted 17 percent. The median yield was 3.470 percent, and the 

low yield was 3.370 percent. Noncom pet i tive tenders totaled 

$79 million. Compet i tive tenders accepted from private investors totaled $5,922 million. 

The mini mum par amount required for STRIPS of inflation-indexed notes is $1,000. 

Auc tion of 2-Year Note 

On Janu ary 17, Treasury announced it would auction 

$10,000 million of 2-year notes of Series L-2003. The issue 

was to refund $28,398 million of secu ri ties matur ing Janu ary 

31 and to pay down about $18,398 million. 

The notes of Series L-2003 were dated and issued Janu ary 

31, 2001. They are due Janu ary 31, 2003, with inter est payable 

on July 31 and Janu ary 31 until matu rity. Treasury set an interest rate of 4-3/4 percent after deter min ing which tenders were 

ac cepted on a yield auction basis. 

Trea sury received tenders for the notes before 12 noon e.s.t 

for noncom pet i tive tenders and before 1 p.m. e.s.t. for competi tive tenders on Janu ary 24. Ten ders totaled $26,358 million;

Trea sury accepted $10,004 million. All noncom pet i tive and 

suc cess ful compet i tive bidders were allot ted secu ri ties at the 

high yield of 4.760 percent with the equiva lent price of 99.981.

Ten ders at the high yield were allot ted 1 percent. The median 

yield was 4.740 percent, and the low yield was 4.690 percent. 

Non com pet i tive tenders totaled $981 million. Compet i tive

ten ders accepted from private inves tors totaled $9,023 million. 

In addi tion to the $10,004 million of tenders accepted in the 

auc tion process, Treasury accepted $2,100 million from Federal Reserve Banks (FRBs) as agents for foreign and inter national mone tary author i ties. It also accepted $3,333 million 

from FRBs for their own accounts. 

The mini mum par amount required for STRIPS of notes of 

Se ries L-2003 is $800,000. 

Cash Management Bills 

On Decem ber 28, 2000, Treasury announced it would auction $30,000 million of 14-day bills. They were issued Janu ary 
PUB LIC DEBT OPER A TIONS 33 

TREA SURY FINANCING: JANUARY-MARCH, con. 

2, 2001, and matured Janu ary 16, 2001. The issue was to raise 

new cash. Treasury auctioned the bills on Janu ary 2, 2001. 

They totaled $62,790 million. Treasury accepted $30,013 million. The high bank discount rate was 6.44 percent. 

Debt Buyback Operations 

In the debt buyback oper a tion held on Janu ary 18, 2001, for

set tle ment on Janu ary 22, Treasury received $5,242 million of 

of fers. It accepted $1,750 million par amount for a total price 

paid of $2,120 million (less accrued inter est). 

In the debt buyback oper a tion held on Janu ary 25, 2001, for

set tle ment on Janu ary 29, Treasury received $5,158 million of 

of fers. It accepted $1,000 million par amount for a total price 

paid of $1,381 million (less accrued inter est). 

FEBRUARY 

February Quarterly Financing 

On Janu ary 31, Treasury announced it would auction 

$11,000 million of 4-3/4-year notes of Series F-2005, $11,000

mil lion of 10-year notes of Series B-2011, and $10,000 million 

of 30-year bonds. The issue was to refund $25,049 million of 

Trea sury secu ri ties matur ing Febru ary 15 and to raise about 

$6,951 million of new cash. 

The 4-3/4-year 5-3/4 percent notes of Series F-2005 were 

dated Novem ber 15, 2000, and issued Febru ary 15, 2001. 

They are due Novem ber 15, 2005, with inter est payable on 

May 15 and Novem ber 15 until matu rity. Accrued inter est of 

$14.61326 per $1,000, cover ing the period from Novem ber 

15, 2000, to Febru ary 15, 2001, was payable with each accepted tender. 

Trea sury received tenders for the notes before 12 noon e.s.t. 

for noncom pet i tive tenders and before 1 p.m. e.s.t. for competi tive tenders on Febru ary 6. Tenders totaled $21,957 million;

Trea sury accepted $11,000 million. All noncom pet i tive and 

suc cess ful compet i tive bidders were allot ted secu ri ties at the 

high yield of 4.904 percent with an equiva lent price of 

103.527. Trea sury accepted in full all compet i tive tenders at 

yields lower than 4.904 percent. Tenders at the high yield were

al lot ted 12 percent. The median yield was 4.880 percent, and 

the low yield was 4.840 percent. Noncom pet i tive tenders totaled $324 million. Compet i tive tenders accepted from private 

in ves tors totaled $10,676 million. 

In addi tion to the $11,000 million of tenders accepted in the 

auc tion process, Treasury accepted $1,279 million from FRBs 

for their own accounts. The mini mum par amount required for 

STRIPS of notes of Series F-2005 is $800,000. 

The 10-year notes of Series B-2011 were dated and issued 

Feb ru ary 15, 2001. They are due Febru ary 15, 2011, with inter est payable on August 15 and Febru ary 15 until matu rity.

Trea sury set an inter est rate of 5 percent after deter min ing 

which tenders were accepted on a yield auction basis. 

Trea sury received tenders for the notes before 12 noon e.s.t. 

for noncom pet i tive tenders and before 1 p.m. e.s.t. for competi tive tenders on Febru ary 7. Ten ders totaled $23,061 million;

Trea sury accepted $11,004 million. All noncom pet i tive and 

suc cess ful compet i tive bidders were allot ted secu ri ties at the 

high yield of 5.067 percent with an equiva lent price of 99.479.

Ten ders at the high yield were allot ted 100 percent. Treasury

ac cepted in full all compet i tive tenders at yields lower than 

5.067 percent. The median yield was 5.050 percent, and the 

low yield was 4.990 percent. Noncom pet i tive tenders totaled 

$134 million, includ ing $50 million from FRBs as agents for

for eign and inter na tional mone tary author i ties. Compet i tive

ten ders accepted from private inves tors totaled $10,870 million. 

In addi tion to the $11,004 million of tenders accepted in the 

auc tion process, Trea sury accepted $971 million from FRBs 

for their own account. The mini mum par amount required for 

STRIPS of Series B-2011 is $40,000. 

The bonds of Febru ary 2031 were dated and issued February 15, 2001. They are due Febru ary 15, 2031, with inter est

pay able on August 15 and Febru ary 15 until matu rity. Treasury 

set an inter est rate of 5-3/8 percent after deter min ing which 

ten ders were accepted on a yield auction basis. 

Trea sury received tenders for the bonds before 12 noon 

e.s.t. for noncom pet i tive tenders and before 1 p.m. e.s.t. for

com pet i tive tenders on Febru ary 8. Ten ders totaled $19,491

mil lion; Treasury accepted $10,004 million. All noncom pet itive and success ful compet i tive bidders were allot ted secu rities at the high yield of 5.460 percent with an equiva lent price 

of 98.753. Ten ders at the high yield were allot ted 80 percent. 

Trea sury accepted in full all compet i tive tenders at yields 

lower than 5.460 percent. The median yield was 5.448 percent, 

and the low yield was 5.390 percent. Noncom pet i tive tenders 

to taled $60 million, includ ing $25 million from FRBs as 

agents for foreign and inter na tional mone tary author i ties.

Com pet i tive tenders accepted from private inves tors totaled 

$9,944 million. 

In addi tion to the $10,004 million of tenders accepted in the 

auc tion process, Trea sury accepted $883 million from FRBs 

for their own accounts. The mini mum par amount required for 

STRIPS of bonds of Febru ary 2031 is $1,600,000. 

Auc tion of 2-Year Notes 

On Febru ary 14, Treasury announced it would auction 

$11,000 million of 2-year notes. The issue was to refund 

$27,211 million of secu ri ties matur ing Febru ary 28 and to pay 

down about $16,211 million. 

The notes of Series M-2003 were dated and issued Febru ary 

28, 2001. They are due Febru ary 28, 2003, with inter est payable on August 31 and Febru ary 28 until matu rity. Treasury set 

an inter est rate of 4-5/8 percent after deter min ing which tenders were accepted on a yield auction basis. 

Trea sury received tenders for the notes before 12 noon e.s.t. 

for noncom pet i tive tenders and before 1 p.m. e.s.t. for competi tive tenders on Febru ary 21. Ten ders totaled $26,235 million;

Trea sury accepted $11,009 million. All noncom pet i tive and 

suc cess ful compet i tive bidders were allot ted secu ri ties at the 

high yield of 4.685 percent with an equiva lent price of 99.887.

Ten ders at the high yield were allot ted 78 percent. Treasury accepted in full all compet i tive tenders at yields lower than 4.685

per cent. The median yield was 4.663 percent, and the low 
34 PUB LIC DEBT OPER A TIONS
 

TREA SURY FINANCING: JANU ARY-MARCH, con.
 

yield was 4.620 percent. Noncom pet i tive tenders totaled $921 

mil lion. Compet i tive tenders accepted from private inves tors

to taled $10,088 million. 

In addi tion to the $11,009 million of tenders accepted in the 

auc tion process, Treasury accepted $3,667 million from FRBs 

for their own accounts. 

52-Week Bills 

On Febru ary 22, Treasury announced it would auction 

$10,000 million of 364-day Treasury bills. They were dated 

March 1, 2001, and will mature Febru ary 28, 2002. The issue 

was to refund $31,177 million of all matur ing bills and to pay 

down about $1,177 million. Treasury auctioned the bills on 

Feb ru ary 27. Ten ders totaled $18,513 million; Treasury accepted $10,002 million. That included $1,125 million of noncom pet i tive tenders from the public. Treasury issued an 

ad di tional $2,757 million to FRBs for their own accounts. The 

high bank discount rate was 4.240 percent. 

Cash Manage ment Bills 

On Febru ary 22, Treasury announced it would auction 

$28,000 million of 50-day bills. The bills were issued February 28, 2001, and matured April 19, 2001. The issue was to 

raise new cash. Trea sury auctioned the bills on Febru ary 27. 

They totaled $46,911 million. Treasury accepted $28,036 million. The high bank discount rate was 4.95 percent. 

On Febru ary 22, Treasury announced it would auction 

$26,000 million of 13-day bills. The bills were issued March 2, 

2001, and matured March 15, 2001. The issue was to raise new 

cash. Treasury auctioned the bills on Febru ary 28. They totaled $55,963 million. Treasury accepted $26,027 million. 

The high bank discount rate was 5.39 percent. 

Debt Buyback Oper a tions 

In the debt buyback oper a tion held on Febru ary 22, 2001, 

for settle ment on Febru ary 26, Trea sury received $5,536 million of offers. It accepted $1,750 million par amount for a total 

price paid of $2,385 million (less accrued inter est). 

MARCH 

Auc tion of 2-Year Notes 

On March 21, Treasury announced it would auction 

$11,000 million of 2-year notes. The issue was to refund 

$30,047 million of secu ri ties matur ing March 31 and to pay 

down about $19,047 million. 

The notes of Series N-2003 were dated March 31, 2001, and

is sued April 2, 2001. They are due March 31, 2003, with interest payable on Septem ber 30 and March 31 until matu rity.

Trea sury set an inter est rate of 4-1/4 percent after deter min ing 

which tenders were accepted on a yield auction basis. Accrued 

in ter est of $0.23224 per $1,000, cover ing the period from 

March 31, 2001, to April 2, 2001, was payable with each accepted tender. 

Trea sury received tenders for the notes before 12 noon e.s.t. 

for noncom pet i tive tenders and before 1 p.m. e.s.t. for competi tive tenders on March 28. Ten ders totaled $30,710 million;

Trea sury accepted $11,007 million. All noncom pet i tive and 

suc cess ful compet i tive bidders were allot ted secu ri ties at the 

high yield of 4.300 percent with an equiva lent price of 99.905.

Ten ders at the high yield were allot ted 4 percent. Treasury accepted in full all compet i tive tenders at yields lower than 4.300

per cent. The median yield was 4.285 percent, and the low 

yield was 4.240 percent. Noncom pet i tive tenders totaled 

$1,131 million. Compet i tive tenders accepted from private inves tors totaled $9,876 million. 

In addi tion to the $11,007 million of tenders accepted in the 

auc tion process, Treasury accepted $3,667 million from FRBs 

for their own accounts. The mini mum par amount required for 

STRIPS of notes of Series N-2003 is $1,000. 

Cash Manage ment Bills 

On March 22, 2001, Treasury announced it would auction 

$40,000 million of 21-day bills. The bills were issued March 

29, 2001, and matured April 19, 2001. The issue was to raise 

new cash. Treasury auctioned the bills on March 27, 2001. 

They totaled $59,555 million. Treasury accepted $40,010 million. The high bank discount rate was 4.93 percent. 

Debt Buyback Oper a tions 

In the debt buyback oper a tion held on March 1, 2001, for

set tle ment on March 5, Treasury received $5,490 million of 

of fers. It accepted $1,750 million par amount for a total price 

paid of $2,357 million (less accrued inter est). 

In the debt buyback oper a tion held on March 22, 2001, for

set tle ment on March 26, Treasury received $3,750 million of 

of fers. It accepted $1,750 million par amount for a total price 

paid of $2,118 million (less accrued inter est). 

In the debt buyback oper a tion held on March 29, 2001, for

set tle ment on April 2, Treasury received $6,197 million of offers. It accepted $1,000 million par amount for a total price 

paid of $1,380 million (less accrued inter est). 
PUB LIC DEBT OPER A TIONS 35 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Mar. 31, 2001 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other 

inves tors 

(1) (2) (3) (4) (5) 

2001 

Apr. 30............................................... 6-1/4%-H note 04/30/96 13,780 2,001 11,779 

Apr. 30............................................... 1 5%-X note 04/30/99 21,034 3,629 17,405 

May 15............................................... 13-1/8% bond 04/02/81 1,750 409 1,341 

May 15............................................... 1 8%-B note 05/15/91 12,398 2,031 10,367 

May 15............................................... 1 5-5/8%-T note 05/15/98 12,874 3,192 9,682 

May 31............................................... 6-1/2%-J note 05/31/96 13,722 1,701 12,021 

May 31............................................... 1 5-1/4%-Y note 06/01/99 19,886 3,657 16,229 

June 30 .............................................. 1 5-3/4%-Z note 06/30/99 19,001 3,285 15,716 

June 30 .............................................. 6-5/8%-K note 07/01/96 14,282 2,537 11,746 

July 31 ............................................... 6-5/8%-L note 07/31/96 14,137 1,785 12,352 

July 31 ............................................... 1 5-1/2%-AB note 08/02/99 20,541 3,810 16,731 

Aug. 15 .............................................. 1 7-7/8%-C note 08/15/91 12,339 1,779 10,560 

Aug. 15 .............................................. 13-3/8% bond 07/02/81 1,753 277 1,476 

Aug. 31 .............................................. 6-1/2%-M note 09/03/96 14,000 1,490 12,511 

Aug. 31 .............................................. 1 5-1/2%-AC note 08/31/99 20,119 3,746 16,372 

Sept. 30 .............................................. 6-3/8%-N note 09/30/96 14,519 1,856 12,663 

Sept. 30 .............................................. 1 5-5/8%-AD note 09/30/99 18,798 3,449 15,349 

Oct. 31............................................... 6-1/4%-P note 10/31/96 14,640 1,216 13,424 

Oct. 31............................................... 1 5-7/8%-AE note 11/01/99 19,196 2,890 16,306 

Nov. 15 .............................................. 15-3/4% bond 10/07/81 1,753 245 1,508 

Nov. 15 .............................................. 1 7-1/2%-D note 11/15/91 24,226 3,787 20,439 

Nov. 30 .............................................. 5-7/8%-Q note 12/02/96 33,505 4,219 29,285 

Dec. 31 .............................................. 6-1/8%-R note 12/31/96 31,166 5,128 26,039 

To tal .................. 369,419 58,119 311,300 

2002 

Jan. 31............................................... 6-1/4%-C note 01/31/97 13,453 1,386 12,068 

Jan. 31............................................... 1 6-3/8%-R note 01/31/00 19,381 4,045 15,337 

Feb. 15, 02-07 ......................................... 7-5/8% bond 02/15/77 4,234 1,546 2,688 

Feb. 15 .............................................. 14-1/4% bond 01/06/82 1,759 275 1,484 

Feb. 28 .............................................. 6-1/4%-D note 02/28/97 13,800 1,790 12,010 

Feb. 28 .............................................. 1 6-1/2%-S note 02/29/00 16,563 3,584 12,980 

Mar. 31 .............................................. 6-5/8%-E note 03/31/97 14,301 2,165 12,137 

Mar. 31 .............................................. 1 6-1/2%-T note 03/31/00 17,238 3,889 13,349 

Apr. 30............................................... 6-5/8%-F note 04/30/97 14,475 2,165 12,310 

Apr. 30............................................... 1 6-3/8%-U note 05/01/00 17,391 3,872 13,519 

May 15............................................... 1 7-1/2%-A note 05/15/92 11,714 2,197 9,517 

May 31............................................... 6-1/2%-G note 06/02/97 13,504 1,679 11,825 

May 31............................................... 1 6-5/8%-V note 05/31/00 14,872 4,241 10,631 

June 30 .............................................. 6-1/4%-H note 06/30/97 13,059 1,626 11,433 

June 30 .............................................. 1 6-3/8%-W note 06/30/00 14,321 4,211 10,110 

July 15 ............................................... 1 3-5/8%-J note 07/15/97 18,383 984 17,399 

July 31 ............................................... 6%-K note 07/31/97 12,231 782 11,449 

July 31 ............................................... 1 6-1/4%-X note 07/31/00 15,058 4,238 10,820 

Aug. 15 .............................................. 1 6-3/8%-B note 08/17/92 23,859 3,876 19,983 

Aug. 31 .............................................. 6-1/4%-L note 09/02/97 12,732 1,114 11,618 

Aug. 31 .............................................. 1 6-1/8%-Y note 08/31/00 15,072 3,451 11,621 

Sept. 30 .............................................. 1 5-7/8%-M note 09/30/97 12,807 1,344 11,462 

Sept. 30 .............................................. 1 6%-Z note 10/02/00 15,144 3,701 11,443 

Oct. 31............................................... 1 5-3/4%-N note 10/31/97 26,594 4,507 22,087 

Nov. 15, 02-07 ......................................... 7-7/8% bond 11/15/77 1,495 379 1,116 

Nov. 15 .............................................. 11-5/8% bond 09/29/82 2,753 684 2,069 

Nov. 30 .............................................. 1 5-3/4%-P note 12/01/97 12,121 1,412 10,709 

Nov. 30 .............................................. 1 5-5/8%-AC note 11/30/00 15,059 3,333 11,725 

Dec. 31 .............................................. 1 5-5/8%-Q note 12/31/97 12,052 992 11,060 

Dec. 31 .............................................. 1 5-1/8%-AD note 01/02/01 14,822 3,333 11,489 

Total .................. 410,246 72,799 337,447 

See footnote at end of table. 
36 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Mar. 31, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other

in ves tors 

(1) (2) (3) (4) (5) 

2003 

Jan. 31............................................... 1 5-1/2%-C note 02/02/98 13,101 1,330 11,771 

Jan. 31............................................... 1 4-3/4%-L note 01/31/01 15,453 3,333 12,119 

Feb. 15 .............................................. 10-3/4% bond 01/04/83 3,007 739 2,267 

Feb. 15 .............................................. 1 6-1/4%-A note 02/16/93 23,563 2,564 20,999 

Feb. 28 .............................................. 1 5-1/2%-D note 03/02/98 13,670 2,337 11,333 

Feb. 28 .............................................. 1 4-5/8%-M note 02/28/01 14,685 3,667 11,018 

Mar. 31 .............................................. 1 5-1/2%-E note 03/31/98 14,173 2,968 11,205 

Apr. 30 ............................................... 1 5-3/4%-F note 04/30/98 12,573 2,550 10,023 

May 15............................................... 10-3/4% bond 04/04/83 3,249 741 2,508 

May 31............................................... 1 5-1/2%-G note 06/01/98 13,132 1,712 11,420 

June 30 .............................................. 1 5-3/8%-H note 06/30/98 13,127 1,349 11,778 

Aug. 15, 03-08 ......................................... 8-3/8% bond 08/15/78 2,103 789 1,314 

Aug. 15 .............................................. 11-1/8% bond 07/05/83 3,501 842 2,659 

Aug. 15 .............................................. 1 5-3/4%-B note 08/16/93 28,011 4,188 23,823 

Aug. 15 .............................................. 1 5-1/4%-J note 08/17/98 19,852 3,144 16,708 

Nov. 15, 03-08 ........................................ 8-3/4% bond 11/15/78 5,230 1,666 3,564 

Nov. 15 .............................................. 11-7/8% bond 10/05/83 7,260 1,653 5,606 

Nov. 15 .............................................. 4-1/4%-K note 11/16/98 18,626 1,518 17,107 

To tal.................. 224,315 37,091 187,224 

2004 

Feb. 15 .............................................. 1 5-7/8%-A note 02/15/94 12,955 650 12,305 

Feb. 15 .............................................. 1 4-3/4%-E note 02/16/99 17,823 2,078 15,745 

May 15, 04-09 ......................................... 9-1/8% bond 05/15/79 4,606 1,061 3,545 

May 15............................................... 12-3/8% bond 04/05/84 3,755 868 2,887 

May 15............................................... 1 7-1/4%-B note 05/16/94 14,440 2,333 12,107 

May 15............................................... 1 5-1/4%-F note 05/17/99 18,925 2,621 16,305 

Aug. 15 .............................................. 13-3/4% bond 07/10/84 4,000 874 3,127 

Aug. 15 .............................................. 

Aug. 15 .............................................. 

1 7-1/4%-C note 08/15/94 1 6%-G note 08/16/99 

13,346 

18,090 

875 

1,617 

12,471 

16,473 

Nov. 15, 04-09 ......................................... 10-3/8% bond 11/15/79 4,201 1,076 3,125 

Nov. 15 .............................................. 1 11-5/8% bond 10/30/84 8,302 1,806 6,496 

Nov. 15 .............................................. 1 7-7/8%-D note 11/15/94 14,374 2,774 11,600 

Nov. 15 .............................................. 1 5-7/8%-H note 11/15/99 32,658 3,320 29,338 

To tal.................. 167,476 21,951 145,525 

2005 

Feb. 15, 05-10 ......................................... 11-3/4% bond 02/15/80 2,451 858 1,593 

Feb. 15 .............................................. 1 7-1/2%-A note 02/15/95 13,835 2,207 11,628 

May 15, 05-10 ......................................... 10% bond 05/15/80 2,987 1,177 1,811 

May 15............................................... 1 12% bond 04/02/85 4,261 846 3,414 

May 15............................................... 1 6-1/2%-B note 05/15/95 14,740 2,000 12,740 

May 15............................................... 1 6-3/4%-E note 05/15/00 28,562 4,441 24,121 

Aug. 15 .............................................. 1 10-3/4% bond 07/02/85 9,270 1,862 7,408 

Aug. 15 .............................................. 1 6-1/2%-C note 08/15/95 15,003 2,086 12,916 

Nov. 15, 05-10 ......................................... 12-3/4% bond 11/17/80 4,516 1,261 3,256 

Nov. 15 .............................................. 1 5-7/8%-D note 11/24/95 15,210 1,960 13,250 

Nov 15 ............................................... 1 5-3/4%-F note 11/15/00 28,063 3,683 24,380 

To tal.................. 138,897 22,381 116,516 

2006 

Feb. 15 .............................................. 1 9-3/8% bond 01/15/86 4,756 882 3,874 

Feb. 15 .............................................. 1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

May 15, 06-11 ......................................... 13-7/8% bond 05/15/81 4,284 1,074 3,210 

May 15............................................... 1 6-7/8%-B note 05/15/96 16,015 2,631 13,384 

July 15 ............................................... 1 7%-C note 07/15/96 22,740 4,277 18,464 

Oct. 15 ............................................... 1 6-1/2%-D note 10/15/96 22,460 3,933 18,527 

See footnote at end of table. 
PUB LIC DEBT OPER A TIONS 37 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Mar. 31, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other 

inves tors 

(1) (2) (3) (4) (5) 

2006 con. 

Nov. 15, 06-11 ......................................... 14% bond 11/16/81 4,489 975 3,513 

To tal .................. 90,257 15,715 74,543 

2007 

Jan. 15............................................... 1 3-3/8%-A note 02/06/97 17,412 1,680 15,732 

Feb. 15 .............................................. 1 6-1/4%-B note 02/18/97 13,104 1,227 11,877 

May 15............................................... 1 6-5/8%-C note 05/15/97 13,958 2,064 11,894 

Aug. 15 .............................................. 1 6-1/8%-D note 08/15/97 25,637 3,930 21,707 

Nov. 15, 07-12 ......................................... 10-3/8% bond 11/15/82 10,452 1,919 8,533 

To tal .................. 80,562 10,819 69,743 

2008 

Jan. 15............................................... 1 3-5/8%-A note 01/15/98 18,217 1,872 16,345 

Feb. 15 .............................................. 1 5-1/2%-B note 02/17/98 13,583 1,730 11,853 

May 15............................................... 1 5-5/8%-C note 05/15/98 27,191 4,425 22,766 

Aug. 15, 08-13 ......................................... 12% bond 08/15/83 13,459 3,041 10,418 

Nov. 15 .............................................. 4-3/4%-D note 11/16/98 25,083 3,409 21,674 

To tal .................. 97,533 14,477 83,057 

2009 

Jan. 15............................................... 1 3-7/8%-A note 01/15/99 16,975 964 16,012 

May 15, 09-14 ......................................... 13-1/4% bond 05/15/84 4,481 869 3,611 

May 15............................................... 1 5-1/2%-B note 05/17/99 14,795 2,249 12,546 

Aug. 15, 09-14 ......................................... 12-1/2% bond 08/15/84 4,781 906 3,875 

Aug. 15 .............................................. 1 6%-C note 08/16/99 27,400 3,425 23,975 

Nov. 15, 09-14 ......................................... 1 11-3/4% bond 11/15/84 6,006 1,195 4,811 

To tal .................. 74,438 9,608 48,818 

2010 

Jan. 15............................................... 1 4-1/4%-A note 01/18/00 11,780 407 11,373 

Feb. 15 .............................................. 1 6-1/2%-B note 02/15/00 23,356 3,740 19,616 

Aug. 15 .............................................. 1 5-3/4%-C note 08/15/00 22,438 2,529 19,909 

To tal .................. 57,573 6,676 50,898 

2011 

Jan. 15............................................... 1 3-1/2%-A note 01/16/01 6,036 111 5,926 

Feb 15 ............................................... 1 5%-B note 02/15/01 11,976 971 11,005 

..................................................... To tal .................. 18,012 1,081 16,931 

2015 

Feb. 15 .............................................. 1 11-1/4% bond 02/15/85 11,351 1,846 9,505 

Aug. 15 .............................................. 1 10-5/8% bond 08/15/85 5,106 1,167 3,939 

Nov. 15 .............................................. 1 9-7/8% bond 11/29/85 5,891 1,007 4,884 

To tal .................. 22,348 4,020 18,328 

2016 

Feb. 15 .............................................. 1 9-1/4% bond 02/18/86 6,348 1,037 5,311 

May 15............................................... 1 7-1/4% bond 05/15/86 18,824 1,099 17,724 

Nov. 15 .............................................. 1 7-1/2% bond 11/17/86 18,824 1,635 17,189 

To tal .................. 43,996 3,771 40,225 

See footnote at end of table. 
38 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Mar. 31, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other 

inves tors 

(1) (2) (3) (4) (5) 

2017 

2018 

May 15............................................... 1 8-3/4% bond 05/15/87 16,622 2,755 13,867 

Aug. 15 .............................................. 1 8-7/8% bond 08/17/87 12,674 2,058 10,616 

To tal .................. 29,296 4,813 24,483 

May 15............................................... 1 9-1/8% bond 05/16/88 7,217 1,240 5,978 

Nov. 15 .............................................. 1 9% bond 11/22/88 7,639 815 6,824 

To tal .................. 14,857 2,055 12,802 

Feb. 15 .............................................. 1 8-7/8% bond 02/15/89 16,330 2,296 14,034 

Aug. 15 .............................................. 1 8-1/8% bond 08/15/89 19,316 2,164 17,152 

To tal .................. 35,646 4,460 31,186 

Feb. 15 .............................................. 1 8-1/2% bond 02/15/90 9,888 1,439 8,449 

May 15............................................... 1 8-3/4% bond 05/15/90 8,254 1,502 6,752 

Aug. 15 .............................................. 1 8-3/4% bond 08/15/90 18,638 1,982 16,656 

To tal. ................. 36,780 4,923 31,858 

Feb. 15 .............................................. 1 7-7/8% bond 02/15/91 10,255 945 9,310 

May 15............................................... 1 8-1/8% bond 05/15/91 10,674 1,618 9,056 

Aug. 15 .............................................. 1 8-1/8% bond 08/15/91 10,503 1,658 8,845 

Nov. 15 .............................................. 1 8% bond 11/15/91 31,432 3,093 28,339 

To tal .................. 62,864 7,313 55,551 

Aug. 15 .............................................. 1 7-1/4% bond 08/17/92 10,243 884 9,359 

Nov. 15 .............................................. 1 7-5/8% bond 11/16/92 8,500 1,601 6,899 

To tal .................. 18,742 2,485 16,258 

Feb. 15 .............................................. 1 7-1/8% bond 02/16/93 17,004 2,636 14,369 

Aug. 15 .............................................. 1 6-1/4% bond 08/16/93 22,659 1,554 21,106 

To tal .................. 39,663 4,189 35,474 

2019 

2020 

2021 

2022 

2023 

2024 

Nov. 15 .............................................. 1 7-1/2% bond 08/15/94 9,864 1,615 8,249 

To tal .................. 9,864 1,615 8,249 

2025 

Feb. 15 .............................................. 1 7-5/8% bond 02/15/95 10,869 1,459 9,411 

Aug. 15 .............................................. 1 6-7/8% bond 08/15/95 11,715 1,800 9,916 

To tal .................. 22,584 3,258 19,326 

2026 

Feb. 15 .............................................. 1 6% bond 02/15/96 12,838 1,115 11,723 

Aug. 15 .............................................. 1 6-3/4% bond 08/15/96 10,303 1,614 8,689 

Nov. 15 .............................................. 1 6-1/2% bond 11/15/96 11,298 1,724 9,574 

To tal .................. 34,440 4,453 29,987 

See footnote at end of table. 
PUB LIC DEBT OPER A TIONS 39 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Mar. 31, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other 

inves tors 

(1) (2) (3) (4) (5) 

2027 

Feb. 15 .............................................. 1 6-5/8% bond 02/18/97 10,211 1,191 9,020 

Aug. 15 .............................................. 1 6-3/8% bond 08/15/97 10,196 1,640 8,556 

Nov. 15 .............................................. 1 6-1/8% bond 11/17/97 22,326 3,312 19,015 

To tal .................. 42,733 6,142 36,591 

2028 

Apr. 15............................................... 1 3-5/8% bond 04/15/98 18,193 976 17,217 

Aug. 15 .............................................. 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 .............................................. 1 5-1/4% bond 11/16/98 10,947 1,075 9,872 

To tal .................. 40,916 3,823 37,093 

2029 

Feb. 15 .............................................. 1 5-1/4% bond 02/16/99 11,350 1,459 9,891 

Apr. 15............................................... 1 3-7/8% bond 04/15/99 21,002 992 20,010 

Aug. 15 .............................................. 1 6-1/8% bond 08/16/99 11,179 1,075 10,104 

To tal .................. 43,531 3,526 40,005 

2030 

May 15............................................... 1 6-1/4% bond 02/15/00 17,043 1,894 15,149 

To tal .................. 17,043 1,894 15,149 

2031 

Feb. 15 .............................................. 1 5-3/8% bond 02/15/01 10,887 883 10,004 

To tal .................. 10,887 883 10,004 

1 This secu rity is eli gi ble for stripping. See table V of the “Monthly Statement of the Public Debt of the United States.” 
40 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-2.—Of fer ings of Regu lar Weekly Trea sury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

De scrip tion of new issue Amounts of bids accepted On total compet i tive bids accepted 

Num ber Amount On non- High invest- of days to of bids On compet i- com pet i tive High price per High discount ment rate

Ma tu rity date matu rity 1 tendered To tal amount tive basis 2 ba sis 3 hundred rate (percent) (per cent) 4 

Is sue date (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Reg u lar weekly: 

(13 week and 26 week) 

2001 - Jan. 4 ...... 2001 - Apr. 5 91 30,218.4 19,739.2 9,733.8 1,316.6 98.559 5.700 5.864 

July 5 182 27,151.5 16,163.3 5,388.2 1,699.3 97.290 5.360 5.586 

11 ..... Apr. 12 91 28,881.0 17,639.2 9,855.9 1,430.3 98.723 5.050 5.188 

July 12 182 26,311.0 15,416.2 5,863.0 1,287.2 97.561 4.825 5.014 

18 ..... Apr. 19 91 28,622.6 17,358.6 10,836.6 1,289.3 98.681 5.220 5.361 

July 19 182 25,025.1 15,510.0 5,897.3 1,634.4 97.444 5.055 5.261 

25 ..... Apr. 26 91 30,545.1 17,429.5 10,619.5 1,337.7 98.713 5.090 5.229 

July 26 182 27,062.4 15,561.5 6,167.1 1,185.6 97.513 4.920 5.115 

Feb. 1 ...... May 3 91 33,819.8 20,277.8 10,656.0 1,518.3 98.741 4.980 5.114 

Aug. 2 182 27,545.7 16,928.2 5,651.3 1,778.8 97.553 4.840 5.031 

8 ...... May 10 91 31,919.5 17,823.8 10,446.6 1,388.9 98.756 4.920 5.053 

Aug. 9 182 30,167.2 14,989.2 8,703.6 1,227.5 97.596 4.755 4.940 

15 ..... May 17 91 29,748.1 15,721.6 9,320.9 1,443.6 98.761 4.900 5.032 

Aug. 16 182 29,094.7 14,468.7 8,317.2 1,640.2 97.601 4.745 4.929 

22 ..... May 24 91 30,475.7 14,770.4 8,086.6 1,378.3 98.760 4.905 5.036 

Aug. 23 182 30,529.8 14,857.8 8,864.6 1,142.9 97.589 4.770 4.955 

Mar. 1 ...... May 31 91 30,540.8 13,216.1 8,386.2 1,365.9 98.809 4.710 4.835 

Aug. 30 182 24,464.6 11,977.3 8,588.2 1,212.3 97.728 4.495 4.662 

8 ...... June 7 91 35,309.9 15,400.8 8,470.9 1,346.1 98.812 4.700 4.822 

Sept. 6 182 28,752.7 15,388.3 8,857.5 1,121.2 97.710 4.530 4.700 

15 ..... June 14 91 30,561.2 15,107.6 8,533.3 1,410.6 98.857 4.520 4.638 

Sept. 13 182 25,158.9 13,428.6 7,418.1 1,538.8 97.765 4.420 4.585 

22 ..... June 21 91 28,714.4 15,067.9 8,472.8 1,379.4 98.895 4.370 4.482 

Sept. 20 182 22,006.0 11,855.0 6,715.1 1,189.8 97.867 4.220 4.371 

29 ..... June 28 91 25,805.3 14,361.8 7,602.9 1,277.0 98.938 4.200 4.305 

Sept. 27 182 28,276.5 12,204.5 6,311.9 1,436.2 97.917 4.120 4.266 

1 All 13-week bills repre sent addi tional issues of bills with an origi nal matu rity of 26 weeks or 52 3 Ten ders for $1 million or less from any one bidder are accepted in full at the high price of acweeks. Certain 26-week bills repre sent addi tional issues of bills with an origi nal matu rity of 52 cepted compet i tive bids. All Treasury market able auctions are conducted in a single-price forweeks. mat as of Novem ber 2, 1998. 

2 In cludes amounts exchanged on noncom pet i tive basis by Govern ment accounts and Federal 4 Equiv a lent coupon-issue yield.

Re serve Banks. 
PUB LIC DEBT OPER A TIONS 41 

TA BLE PDO-3.—Offer ings of Marketable Secu ri ties 

Other than Regu lar Weekly Trea sury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Period to final matu rity

Auc tion date Is sue date Descrip tion of secu ri ties 1 (years, months, days) 2 Amount tendered 

Amount 

accepted

3,4 

Ac cepted yield and equiv a lent price

for notes and bonds 

(1) (2) (3) (4) (5) (6) 

04/26/00 05/01/00 

05/09/00 05/15/00 

05/10/00 05/15/00 

05/24/00 05/31/00 

05/31/00 06/01/00 

06/01/00 06/02/00 

06/28/00 06/30/00 

07/12/00 07/17/00 

07/26/00 07/31/00 

08/08/00 08/15/00 

08/09/00 08/15/00 

08/10/00 08/15/00 

08/14/00 08/15/00 

08/23/00 08/31/00 

08/29/00 08/31/00 

08/31/00 09/01/00 

09/27/00 10/02/00 

10/11/00 10/16/00 

10/25/00 10/31/00 

10/31/00 11/01/00 

11/07/00 11/15/00 

11/08/00 11/15/00 

11/14/00 11/15/00 

11/28/00 11/30/00 

11/29/00 11/30/00 

11/30/00 12/01/00 

12/27/00 01/02/01 

01/02/01 01/02/01 

01/10/01 01/16/01 

01/24/01 01/31/01 

02/06/01 02/15/01 

02/07/01 02/15/01 

02/08/01 02/15/01 

02/21/01 02/28/01 

02/27/01 02/28/01 

02/27/01 03/01/01 

02/28/01 03/02/01 

03/27/01 03/29/01 

03/28/01 04/02/01 

6-3/8% note—04/30/02-U 

6-3/4% note—05/15/05-E 

6-1/2% note—02/15/10-B-reopening 

6-5/8% note—05/31/02-V 

6.000% bill—05/31/01 

5.20% bill—06/14/00 

6-3/8% note—06/30/02-W 

4-1/4% note—01/15/10-A-reopening 

6-1/4% note—07/31/02-X 

6-3/4% note—05/15/05-E-reopening 

5-3/4% note—08/15/10-C 

6-1/4% bond—05/15/30-reopening 

6.35% bill—09/21/00-reopening 

6-1/8% note—08/31/02-y 

5.880% bill—08/30/01 

6.44% bill—09/15/00 

6% note—09/30/02-Z 

3-7/8% bond—4/15/29-reopening 

5-3/4% note—10/31/02-N 

6.38% bill—12/21/00 

5-3/4% note—11/15/05-F 

5-3/4% note—8/15/10-C-reopening 

6.37% bill—12/18/00 

5.710% bill—11/29/01 

5-5/8% note—11/30/02-AC 

6.45% bill—12/15/00 

5-1/8% note—12/31/02-AD 

6.44% bill—01/16/01 

3-1/2% note—01/15/11-A 

4-3/4% note—01/31/03-L 

5-3/4% note—11/15/05-F-reopening 

5% note—02/15/11-B 

5-3/8% bond—02/15/31 

4-5/8% note—02/28/03-M 

4.95% bil—04/19/01 

4.240% bill—02/28/02 

5.39% bill—03/15/01 

4.93% bill—04/19/01 

4-1/4% note—03/31/03-N 

2y 33,052 17,372 6.484 - 99.798 

5y 27,183 15,458 6.789 - 99.837 

9y 9m 24,011 5 11,076 6.475 - 100.153 

2y 30,049 14,838 6.749 - 99.772 

364d 30,672 13,618 

12d 20,045 7,018 

2y 31,326 14,311 6.483 - 99.800 

9y 6m 11,741 5 5,002 4.030 - 103.539 

2y 31,358 15,037 6.284 - 99.937 

4y 9m 33,786 13,189 6.060 - 102.787 

10y 21,811 12,357 5.840 - 99.326 

29y 9m 19,340 5,774 5.697 - 107.860 

37d 57,909 21,018 

2y 31,979 15,038 6.204 - 99.854 

364d 26,458 13,033 

14d 61,503 25,011 

2y 34,515 15,184 6.002 - 99.995 

28y 6m 9,923 5,000 3.953 - 103.628 

2y 31,654 14,839 5.845 - 99.823 

50d 52,233 32,021 

5y 24,635 15,804 5.870 - 99.486 

9y 9m 23,105 10,075 5.865 - 99.134 

33d 36,160 12,035 

364d 26,695 12,512 

2y 36,474 15,048 5.695 - 99.869 

14d 67,780 36,033 

2y 29,928 14,834 5.130 - 99.990 

14d 62,790 30,013 

10y 10,110 6,000 3.522 - 99.818 

2y 31,792 15,437 4.760 - 99.981 

4y 9m 23,236 12,279 4.904 - 103.527 

10y 24,031 11,975 5.067 - 99.479 

30y 20,374 10,887 5.460 - 98.753 

2y 29,901 14,675 4.685 - 99.887 

50d 46,911 28,036 

364d 21,270 12,759 

13d 55,963 26,027 

21d 59,555 40,010 

2y 34,377 14,674 4.300 - 99.905 

See footnotes at end of table. 
42 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-3.—Offer ings of Market able Secu ri ties 

Other than Regu lar Weekly Trea sury Bills, con. 

1Cur rently, all issues are sold at auction. For bill issues, the rate shown 5 In ter est began to accrue before the issue date (settle ment date) of
 

is the high bank discount rate. For note and bond issues, the rate this loan.
 

shown is the inter est rate. For details of bill offer ings, see table PDO-2.
 

As of Octo ber 1, 1997, all Treasury issues of notes and bonds are eli gi­
 

ble for STRIPS. Note.— Starting with the Janu ary 5, 1999, auction, amounts listed as
 

2 From date of addi tional issue in case of a reopen ing. ten dered and accepted are amounts tendered and awarded on auction
 day. Before the Janu ary 5, 1999, auction, amounts listed as tendered 3 In reopenings, the amount accepted is in addi tion to the amount of and accepted are amounts tendered and awarded on issue day. orig i nal offer ings. 

4 In cludes secu ri ties issued to U.S. Govern ment accounts and Federal 

Re serve Banks; and to foreign and inter na tional mone tary author i ties, 

whether in exchange for matur ing secu ri ties or for new cash. 
PUB LIC DEBT OPER A TIONS 43 

TA BLE PDO-4A.—Al lot ments by Inves tor Class 

for Market able Public Debt Secu ri ties Other than Bills 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Date of

fi nanc ing Descrip tion of secu ri ties 

To tal

issue 

Fed eral

Re serve

Banks 

De pos i- tory insti- tu tions 1 In di vid­ uals 2 Dealers 

and 

brokers 

Pri vate

pen sion

and retire­ ment 

funds 

In vest­ ment 

funds 

Insur ance 

companies 

For eign

and 

international Other 3 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

07/15/99 3-7/8% note—1/15/09-A-reopening 7,369 368 19 115 4,686 365 1,074 20 534 188 

08/02/99 5-1/2% note—7/15/01-AB 20,541 3,560 98 1,496 12,286 5 718 * 2,327 51 

08/16/99 6% note—8/15/04-G 18,090 1,617 120 1,022 12,817 1 807 1 1,637 68 

08/16/99 6% note—8/15/09-C 14,757 1,290 113 125 9,246 1 2,431 15 1,453 83 

08/16/99 6-1/8% bond—8/15/29 11,179 1,075 15 574 6,670 - 2,391 25 266 163 

08/31/99 5-1/2% note—8/31/01-AC 20,119 3,256 222 1,314 12,136 1 475 1 2,529 185 

09/30/99 5-5/8% note—9/30/01-AD 18,798 2,125 401 1,655 12,101 1 119 6 2,260 130 

10/15/99 3-7/8% note—4/15/29-reopening 7,370 368 499 80 3,127 255 2,722 - 279 40 

11/01/99 5-7/8% note—10/31/99-AE 19,196 2,682 71 1,192 12,568 1 634 5 2,005 38 

11/15/99 5-7/8% note—11/15/04-H 18,406 2,190 1,020 501 11,565 1 1,638 - 1,465 26 

11/15/99 6% note—8/15/09-C-reopening 12,643 2,135 251 81 8,846 * 394 5 800 131 

11/30/99 5-7/8% note—11/30/01-Q 19,473 3,143 664 1,157 11,803 6 901 * 1,660 139 

12/31/99 6-1/8% note—12/31/01-R 17,195 2,175 606 1,206 12,223 7 843 * 75 60 

01/18/00 4-1/4% note—1/15/10-A 6,318 316 602 68 2,552 37 2,335 5 400 3 

01/31/00 6-3/8% note—1/31/02-R 19,381 4,045 392 1,513 11,409 2 168 * 1,820 32 

02/15/00 5-7/8% note—11/15/04-H-reopening 14,252 1,130 81 897 9,961 * 98 * 1,854 231 

02/15/00 6-1/2% note—2/15/10-B 12,278 1,170 75 488 8,713 * 562 - 1,145 125 

02/15/00 6-1/4% bond—5/15/30 11,269 1,170 232 127 7,749 - 1,475 - 223 293 

02/29/00 6-1/2% note—2/28/02-S 16,563 3,219 217 1,425 8,937 7 760 2 1,795 201 

03/31/00 6-1/2% note—3/31/02-T 17,238 3,515 337 1,849 8,897 1 300 1 2,047 r 291 

05/01/00 6-3/8% note—4/30/02-U 17,391 3,869 291 1,638 9,065 3 473 * 2,020 32 

05/15/00 6-3/4% note—5/15/05-E 15,426 2,357 109 995 10,466 2 193 1 1,230 73 

05/15/00 6-1/2% note—2/15/10-B-reopening 11,078 2,570 111 210 6,668 * 644 * 839 36 

05/31/00 6-5/8% note—5/31/02-V 14,872 3,838 67 1,845 7,674 1 125 1 1,296 25 

06/30/00 6-3/8% note—6/30/02-W 14,321 3,109 58 1,517 7,831 7 112 1 1,476 210 

07/17/00 4-1/4% note—1/15/10-A 5,003 - 1 403 2,537 292 1,468 - 293 9 

07/31/00 6-1/4% note—7/31/02-X 15,058 3,333 64 1,249 8,020 * 27 2 2,053 310 

08/15/00 6-3/4% note—5/15/05-E-reopening 13,137 2,085 55 634 8,249 * 78 - 2,030 6 

08/15/00 5-3/4% note—8/15/00-C 12,360 1,254 21 88 9,214 * 247 - 1,186 350 

See footnotes at end of table. 
44 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-4A.—Al lot ments by Inves tor Class 

for Market able Public Debt Secu ri ties Other than Bills, con. 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Date of Total

fi nanc ing Descrip tion of secu ri ties issue 

Fed eral

Re serve

Banks 

Depos i- tory insti- In di vid­ tu tions 1 uals 2 Dealers 

and 

brokers 

Pri vate

pen sion

and re- tire ment

funds 

In vest­ ment 

funds 

In sur ance 

companies 

For eign

and 

international Other 3 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

08/15/00 6-1/4% bond—5/15/30-reopening 5,774 724 20 11 3,131 - 1,576 - 50 262 

08/31/00 6-1/8% note—8/31/02-Y 15,072 3,333 61 1,355 8,091 16 2 * 1,945 269 

10/02/00 6% note—9/30/02-Z 15,144 3,275 40 1,215 6,251 1 2,155 * 2,150 57 

10/16/00 3-7/8% bond—4/15/29-reopening 5,001 - 15 70 1,927 525 2,132 - 330 2 

10/31/00 5-3/4% note—10/31/02-N 14,857 3,333 115 944 7,886 - 776 * 1,791 12 

11/15/00 5-3/4% note—11/15/02-F 15,812 2,404 7 365 11,066 * 268 - 1,640 62 

11/15/00 5-3/4% note—8/15/10-C-reopening 10,078 1,275 * 45 7,819 - 30 - 889 20 

11/30/00 5-5/8% note—11/30/02-AC 15,059 3,333 35 881 4,274 7 1,006 * 5,450 73 

01/02/01 5-1/8% note—12/31/02-AD 14,822 3,333 56 924 7,344 9 512 2 2,606 36 

01/16/01 3-1/2% note—1/15/11-A 6,001 - 3 262 3,979 205 1,154 10 128 260 

01/31/01 4-3/4% note—1/31/03-L 15,453 3,333 60 948 7,989 1 226 1 2,885 10 

02/15/01 5-3/4% note—11/15/05-F-reopening 12,251 1,279 5 317 9,154 1 1,214 * 280 1 

02/15/01 5% note—2/15/01-B 11,976 971 11 89 8,865 * 860 - 1,155 25 

02/15/31 5-3/8% bond—2/15/31 10,887 883 - 45 5,404 * 4,252 - 238 65 

02/28/01 4-5/8% note—2/28/03-M 14,685 3,667 27 883 5,996 - 2,216 3 1,875 18 

04/02/01 4-1/4% note—3/31/03-N 14,677 3,667 60 2,083 5,990 1 1,025 * 1,841 10 

* Less than $500,000.

1 

De pos i tory insti tu tions include banks.
 2 

In cludes partner ships and personal trust accounts. 3

 Resid ual.
 
PUB LIC DEBT OPER A TIONS 45 

TA BLE PDO-4B.—Al lot ments by Inves tor Class 

for Market able Public Debt Secu ri ties, 52-Week Bills** 

[Dol lar amounts in millions. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Al lot ments by inves tor class 

To tal 

amount 

issued 

Fed eral 

Banks in sti tu tions 1 In di vid uals 2 Reserve De pos i tory Dealers and Pen sion and In vest ment In sur ance

brokers retire ment funds com pa nies 

For eign

and inter­ na tional All other 3 Date of 

financ ing 

Date of 

maturity High rate(per cent) 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

10/14/99 10/12/00 5.110 16,734 4,950 9 767 7,933 1 201 - 2,858 15 

11/12/99 11/09/00 5.170 15,453 4,540 9 709 8,068 2 273 1 1,833 18 

12/09/99 12/07/00 5.350 14,819 4,815 12 755 7,739 1 837 * 634 26 

01/06/00 01/04/01 5.645 14,942 4,925 19 904 7,626 2 52 - 1,390 24 

02/03/00 02/01/01 5.905 16,226 5,420 9 1,109 7,201 * 100 * 2,362 25 

03/02/00 03/01/01 5.840 15,616 4,805 17 1,077 6,931 2 101 1 2,506 176 

06/01/00 05/31/01 6.000 13,616 3,605 11 656 6,155 1 308 1 2,365 514 

08/31/00 08/30/01 5.880 13,033 3,027 12 457 7,710 2 51 * 1,761 13 

11/30/00 11/29/01 5.710 12,517 2,508 7 282 7,388 * 242 - 2,081 

03/01/01 02/28/02 4.240 12,763 2,757 15 1,132 7,930 1 286 2 601 39 

* Less than $500,000. Note.—This series of bills has been discon tin ued. 

1 Depos i tory insti tu tions include banks. For detail of offer ings, see table PDO-3. 

** Begin ning July 1999, differ ent proce dures and cate go ries are used to classify the bids by 

type of inves tor. 

2 Includes partnerships and personal trust accounts. 3 Resid ual. 

9 
46
 

IN TRO DUC TION: Savings Bonds and Notes
 

Se ries EE bonds, on sale since July 1, 1980, and se ries I 

bonds, on sale since Sep tem ber 1, 1998, are the sav ings bonds 

cur rently be ing sold. Se ries HH bonds are is sued in ex change 

for Se ries E and EE sav ings bonds and sav ings notes. Se ries

A-D were sold from March 1, 1935, through April 30, 1941. 

Se ries E was on sale from May 1, 1941, through De cem ber 31, 

1979 (through June 1980 to pay roll sav ers only). Se ries F and 

G were sold from May 1, 1941, through April 30, 1952. Se ries 

H was sold from June 1, 1952, through De cem ber 31, 1979. 

Se ries HH bonds were sold for cash from Janu ary 1, 1980, 

through Oc to ber 31, 1982. Se ries J and K were sold from May 

1, 1952, through April 30, 1957. U.S. sav ings notes were on 

sale May 1, 1967, through June 30, 1970. The notes were el i gible for purchase by indi vid u als with the simul ta neous purchase of se ries E sav ings bonds. 

The prin ci pal terms and con di tions for pur chase and redemp tion and in for ma tion on in vest ment yields of sav ings 

notes ap pear in the “Trea sury Bul le tins” of March 1967 and 

June 1968; and in the An nual Re port of the Sec re tary of the 

Trea sury for fis cal 1974. 

TA BLE SBN-1.—Sales and Re demp tions by Se ries, Cu mu la tive through Mar. 31, 2001 

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] 

Amount out stand ing 

Ac crued Sales plus In ter est- Ma tured nonSe ries Sales 1 dis count ac crued dis count Re demp tions 1 bear ing debt in ter est-bearing debt 

(1) (2) (3) (4) (5) (6) 

Sav ings bonds: 

Se ries A-D 2 ....................... 3,949 1,054 5,003 5,002 - 1 

Se ries E, EE, H and HH.............. 362,395 218,267 580,662 379,201 177,305 7,299 

Se ries I........................... 2,005 41 2,046 69 2,152 -

Se ries F and G..................... 28,396 1,125 29,521 29,517 - 3 

Se ries J and K..................... 3,556 198 3,754 3,753 - -

Sav ings notes ..................... 862 707 1,569 1,286 27 144 

401,163 221,392 622,555 418,828 179,484 7,447 To tal ........................... 

1 Sales and re demp tion fig ures in clude ex change of mi nor amounts of (1) ma tured se ries E 2 De tails by se ries on a cu mu la tive ba sis and by pe riod of se ries A-D com bined can be foundin 

bonds for se ries G and K bonds from May 1951 through April 1957; (2) se ries F and J bonds for the Feb ru ary 1952 and pre vi ous is sues of the “Trea sury Bul le tin.” 

se ries H bonds be gin ning Jan u ary 1960; and (3) U.S. sav ings notes for se ries H bonds be ginning Jan u ary 1972; how ever, they ex clude ex changes of se ries E bonds for se ries H andHH 

bonds. 
U.S. SAV INGS BONDS AND NOTES 47 

TA BLE SBN-2.—Sales and Re demp tions by Pe riod, All Se ries of Sav ings Bonds and Notes Com bined 

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] 

Amount out stand ing 

Sales plus Re demp tions Ma tured 

Pe riod Sales 

Ac crued 

dis count 

ac crued 

dis count To tal 

Sales 

price 1 

Ac crued 

dis count 1 

In ter estbear ing debt non-interestbear ing debt 

(1) (2) (3) (4) (5) (6) (7) (8) 

Fis cal years: 

1935-95 ................. 370,682 173,465 544,147 360,585 279,529 80,996 181,529 1,997 

1996 ................. 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292 

1997 ................. 5,334 1998 ................. 4,765 9,083

9,141 14,41713,906 2,08414,338 8,4356,897 5,9687,441 182,589180,744 3,6015,091 

1999 ................. 6,530 8,394 14,924 16,614 8,072 6,781 166,529 6,169 

2000 ................. 5,645 6,940 12,585 14,511 7,050 5,864 177,659 6,544 

Cal en dar years: 1935-97 ............... 392,209 215,309 607,518 410,423 308,019 102,404 181,133 5,359 

1998 ................. 4,870 9,156 14,026 13,254 6,577 6,677 180,254 6,273 

1999 ................. 6,054 8,788 14,842 14,523 8,510 6,013 179,277 7,005 

2000 ................. 996 1,478 2,474 3,144 1,482 1,662 178,900 6,697 

2000 - Mar............... 540 

Apr ............... 455 

649 

801 1,1891,256 1,6571,464 

784 

694 

656 

580 178,558178,459 6,5546,435 

May .............. 514 

June .............. 630 

605 1,119 1,349 644 540 177,688 6,957 

649 1,279 1,420 687 579 177,660 6,831 

672 

872 July............... 590 Aug............... 721 

762 1,352 1,351 677 1,398 1,633 562 177,747 6,734 626 177,604 6,630 

Sept .............. 540 

Oct ............... 546 

641 1,181 1,189 789 1,335 1,144 575 

556 

483 

462 177,659177,884 6,5446,493 

Nov............... 563 617 1,180 1,043 508 422 178,079 6,418 

Dec............... 637 665 1,302 1,039 485 459 176,802 7,794 

2001 - Jan ............... 719 781 1,499 1,693 838 692 176,772 7,607 

Feb............... 558 694 1,252 1,129 488 360 177,049 7,430 

Mar............... 698 662 1,359 1,203 561 433 177,305 7,299 

1 Be cause there is a nor mal lag in clas si fy ing re demp tions, the dis tri bu tion of re demp tions 

be tween sales price and ac crued dis count has been es ti mated. 

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I 

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] 

Amount out stand ing 

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

Se ries E and EE 

Fis cal years: 

1941-95 ......... 1996 ........... 1997 ........... 

1998 ........... 1999 ........... 2000 ........... 

Cal en dar years: 

1941-97 ......... 

1998 ........... 1999 ........... 2000 ........... 

2000 - Mar......... 
 Apr ......... 
 May ........ 
 

June........ July......... 
 Aug......... 
 

Sept ........ 
 Oct......... 
 Nov......... 
 

Dec......... 
 2001 - Jan......... Feb......... Mar......... 

See note at end of ta ble. 

329,121 169,936 499,057 302,428 223,816 77,650 17,980 170,005 1,977 

6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276 

5,334 9,067 14,401 8,435 7,541 6,456 1,254 169,969 3,584 

4,765 9,141 13,906 14,136 6,954 7,182 1,190 180,744 5,091 

3,848 6,899 10,747 11,161 5,853 6,583 924 162,749 6,525 

342,127 202,456 544,583 336,971 248,824 94,839 21,937 168,802 5,359 

4,870

5,460 9,1528,774 14,02214,234 14,12313,804 6,6696,171 6,3266,435 1,9811,101 167,375165,702 6,2506,983 

744 1,473 2,460 1,481 1,258 1,481 188 165,146 6,677 

430 647 1,184 766 656 766 112 164,719 6,534 

369 797 1,254 1,354 580 686 89 164,558 6,416 

387 601 1,115 1,249 540 611 98 163,679 6,934 

378

324 

329 

644

757 

671 

1,276

1,349

1,270 

1,317

1,246

1,392 

579

562 

626 

652

600 

666 

86

84 

101 

163,420

163,267

162,876 

6,810

6,713

6,610 

336 633 1,177 1,103 483 542 78 162,749 6,525 

334 780 1,331 1,057 462 520 74 162,807 6,448 

351 607 1,178 963 422 468 73 162,799 6,377 

414 652 1,243 1,023 463 499 69 161,386 7,739 

396 767 1,488 1,578 714 810 97 161,053 7,560 

4,630 8,349 12,979 12,407 6,744 7,500 1,090 166,529 6,169 

319 679 1,251 1,030 382 597 94 161,101 7,386 

375 646 1,356 1,106 454 579 114 161,029 7,259 
48 

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I, con. 

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] 

Amount out stand ing 

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

Se ries H and HH 

Fis cal years: 

1952-95......... 

1996 ........... 

1997 ........... 

1998 ........... 

1999 ........... 

2000 ........... 

Cal en dar years: 

1952-97......... 

1998 ........... 

1999 ........... 

2000 ........... 

2000 - Mar......... 

Apr ......... 

May ........ 

June........ 

July ......... 

Aug ......... 
 

Sept ........ 
 

Oct ......... 
 

Nov ......... 
 

Dec ......... 
 

2001 - Jan......... 
 

Feb ......... 

Mar ......... 

13,556 - 13,556 19,727 19,727 - 17,980 170,005 1,977 

16 - 16 744 744 - 1,173 11,940 16 

10 - 10 893 893 - 1,254 12,294 17 

56 - 56 941 941 - 1,108 12,541 19 

167 - 167 1,280 1,280 - 1,080 12,813 19 

165 - 165 1,154 1,154 - 924 12,759 20 

13,546 - 13,546 22,313 22,313 - 21,671 12,331 23 

68 - 68 906 906 - 857 12,594 23 

40 - 40 820 820 - 1,101 12,869 22 

14 - 14 217 217 - 188 12,855 20 

5 - 5 123 123 - 112 12,839 20 

1 - 1 110 110 - 89 12,821 19 

4 - 4 100 100 - 98 12,810 23 

3 - 3 103 103 - 86 12,797 22 

3 - 3 105 105 - 84 12,781 21 

8 - 8 105 105 - 101 12,770 20 

4 - 4 86 86 - 78 12,759 20 

3 - 3 88 88 - 74 12,724 45 

2 - 2 80 80 - 73 12,723 41 

59 - 59 15 15 - 69 12,704 56 

12 - 12 115 115 - 97 12,705 48 

- - - 99 99 - 94 12,704 44 

3 - 3 87 87 - 114 12,722 40 

Se ries I 

Fis cal years: 

1999-00......... 

Cal en dar years: 

1998 ........... 

1999 ........... 

2000 ........... 

2000 - Mar......... 

Apr ......... 

May ........ 

June ........ 

July......... 

Aug......... 

Sept ........ 

Oct ......... 

Nov......... 

Dec......... 

2001 - Jan......... 

Feb......... 

Mar......... 

1,730 41 1,771 49 49 - - 2,152 -

117 - 117 - - - - 117 -

568 1 569 14 14 - - 469 -

237 5 242 7 7 - - 898 -

105 2 107 4 4 - - 1,000 -

85 3 88 4 4 - - 1,080 -

122 4 126 4 4 - - 1,198 -

249 5 254 5 5 - - 1,443 -

263 6 269 5 5 - - 1,700 -

264 6 270 6 6 - - 1,958 -

200 7 207 6 6 - - 2,152 -

208 9 217 7 7 - - 2,353 -

209 11 220 6 6 - - 2,556 -

163 12 175 7 7 - - 2,712 -

311 13 324 10 10 - - 3,014 -

238 15 253 8 8 - - 3,244 -

320 16 336 10 10 - - 3,554 -

Note—Se ries E and EE in clude U.S. sav ings notes (Free dom Shares) on sale from 

May 1, 1967, through June 30, 1970, to E bond buy ers. 
49 

IN TRO DUC TION: Owner ship of Federal Secu ri ties 

Fed eral secu ri ties presented in the follow ing tables are 

pub lic debt secu ri ties such as savings bonds, bills, notes and 

bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financ ing authori ties. [See the Federal debt (FD) tables for a more complete

de scrip tion of the Federal debt.] 

Ef fec tive Janu ary 1, 2001, Treasury’s Bureau of the Public Debt revised formats, titles, and column headings in the 

“Monthly Statement of the Public Debt of the United States,” 

Ta ble I: Summary of Treasury Secu ri ties Outstand ing and Table II: Statu tory Debt Limit. These changes should reduce confu sion and bring the publi ca tion more in line with the public’s 

use of terms. 

Trea sury’s Finan cial Manage ment Service (FMS) compiles data in the “Treasury Bulle tin” table OFS-1 from the 

“Monthly Statement of the Public Debt of the United States.” 

Ef fec tive June 2001, FMS revised proce dures and cate go ries 

in this table to agree with the Bureau of the Public Debt’s publi ca tion changes. 

• Ta ble OFS-1 presents Treasury market able and nonmar ket able secu ri ties and debt issued by other Federal agencies held by Govern ment accounts, the FRBs and private 

in ves tors. Social Secu rity and Federal retire ment trust fund invest ments comprise much of the Govern ment account holdings. 

The FRBs acquire Treasury secu ri ties in the market as a 

means of exe cut ing mone tary policy. 

• Ta ble OFS-2 presents the esti mated amount of public 

debt secu ri ties held by private inves tors. Infor ma tion is obtained from sources such as the Federal finan cial insti tu tion

reg u la tory agencies. State, local and foreign holdings include 

spe cial issues of nonmar ket able secu ri ties to munic i pal entities and foreign offi cial accounts. They also include munic ipal, foreign offi cial and private holdings of market able

Trea sury secu ri ties. (See footnotes to the table for descrip tion 

of inves tor cate go ries.) 
50 OWN ER SHIP OF FEDERAL SECU RITIES 

TA BLE OFS-1.—Dis tri bu tion of Federal Secu ri ties by Class of Inves tors and Type of Issues* 

[In millions of dollars. Source: Finan cial Manage ment Service] 

To tal Public debt secu ri ties 

End of Fed eral Pub lic issues 

fis cal year se cu ri ties To tal Held by U.S. Govern ment accounts held by Federal 

or month out stand ing out stand ing To tal Market able Non mar ket able Re serve Banks 

(1) (2) (3) (4) (5) (6) 

2001 - Jan ....................... 5,743,229 5,716,071 2,328,662 460 2,328,202 533,216 

Feb ....................... 5,762,738 5,735,859 2,333,753 460 2,333,293 538,811 

Mar ....................... 5,800,558 5,773,740 2,339,354 460 2,338,894 542,176 

Agency secu ri ties 

Held by 

U.S. Govern ment 

End of 

fis cal year 

or month 

Pub lic debt secu ri ties, con. ac counts and Held by 

Held by private inves tors To tal Fed eral Reserve pri vate 

To tal Mar ket able Non mar ket able out stand ing Banks in ves tors 

(7) (8) (9) (10) (11) (12) 

2001 - Jan .................. 2,854,193 2,443,652 410,540 27,158 51 27,107 

Feb .................. 2,863,295 2,449,987 413,309 26,879 51 26,828 

Mar .................. 2,892,210 2,475,233 416,977 26,818 51 26,767 

* Effec tive June 2001, FMS revised proce dures and cate go ries in this table to reflect the format changes in the “Monthly Statement of the Public Debt of the United States.” 
OWN ER SHIP OF FEDERAL SECU RITIES 51 

TA BLE OFS-1.—Dis tri bu tion of Federal Secu ri ties by Class of Inves tors and Type of Issues 

(His tor i cal) 

[In millions of dollars. Source: Finan cial Manage ment Service] 

To tal In ter est-bearing public debt secu ri ties 

End of Fed eral Pub lic issues 

fis cal year se cu ri ties To tal Held by U.S. Govern ment accounts held by Federal 

or month out stand ing out stand ing To tal Market able Non mar ket able Re serve Banks 

(1) (2) (3) (4) (5) (6) 

1996 ......................... 5,259,842 5,220,790 1,447,003 1,506 1,445,497 390,924 

1997 ......................... 5,446,320 5,407,528 1,596,765 1,254 1,595,511 436,496 

1998 ......................... 5,555,552 5,518,681 1,763,860 1,254 1,762,606 458,131 

1999 ......................... 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472 

2000 ......................... 5,701,850 5,622,092 2,235,710 461 2,235,249 511,413 

2000 - Mar .................... 5,801,544 5,763,794 2,085,418 1,123 2,084,295 501,708 

Apr .................... 5,713,047 5,646,150 2,110,760 1,123 2,109,637 506,696 

May .................... 5,674,829 5,637,059 2,127,639 459 2,127,180 506,744 

June ................... 5,714,216 5,675,889 2,190,225 459 2,189,766 504,950 

July .................... 5,686,531 5,648,865 2,197,056 461 2,196,595 506,103 

Aug .................... 5,705,463 5,667,989 2,206,153 461 2,205,692 510,182 

Sept.................... 5,701,850 5,622,092 2,235,710 461 2,235,249 511,413 

Oct..................... 5,684,542 5,647,557 2,248,622 461 2,248,161 526,994 

Nov .................... 5,736,948 5,700,007 2,258,481 461 2,258,020 530,201 

Dec .................... 5,689,593 5,618,061 2,248,675 461 2,248,214 532,815 

Ma tured Agency secu ri ties 

pub lic Held by 

debt U.S. Govern ment 

End of 

fis cal year 

or month 

In ter est-bearing public debt secu ri ties, con. 

Held by private inves tors 

To tal Mar ket able Non mar ket able 

and debt 

bear ing no 

in ter est 

To tal 

out stand ing 

ac counts and 

Fed eral Reserve 

Banks 

Held by 

pri vate 

in ves tors 

(7) (8) (9) (10) (11) (12) (13) 

1996 ..................... 

1997 ..................... 

1998 ..................... 

1999 ..................... 

2000 ..................... 

2000 - Mar ................ 

Apr ................ 

May................ 

June ............... 

July ................ 

Aug ................ 

Sept ............... 

Oct ................ 

Nov ................ 

Dec ................ 

3,382,863 3,025,941 356,922 4,021 35,030 7,606 27,424 

3,374,267 3,001,866 372,401 5,618 33,173 7,098 26,075 

3,296,690 2,871,645 425,045 7,512 29,359 3,917 25,442 

3,162,094 2,735,403 426,691 9,030 28,505 634 27,871 

2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

3,176,668 2,758,400 418,269 9,597 28,152 384 27,768 

3,028,694 2,611,441 417,253 38,958 27,939 384 27,555 

3,002,676 2,585,194 417,482 10,111 27,659 51 27,608 

2,980,714 2,565,321 415,392 10,050 28,278 51 28,227 

2,945,706 2,539,547 406,159 9,943 27,724 51 27,673 

2,951,654 2,545,893 405,762 9,833 27,641 51 27,590 

2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

2,871,941 2,466,427 405,514 9,770 27,214 51 27,163 

2,911,325 2,506,065 405,259 9,693 27,249 51 27,198 

2,836,571 2,433,609 402,962 44,155 27,377 51 27,326 
52 OWN ER SHIP OF FEDERAL SECU RITIES 

TA BLE OFS-2.—Esti mated Owner ship of U.S. Treasury Secu ri ties 

[In billions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Fed eral
 Pen sion funds 3 

Re serve
 State

To tal and Govern­
 To tal Depos i tory U.S. State and Insur ance and local Foreign

pub lic ment ac­
 pri vately in sti tu- savings local govern­ compa- Mu tual gov ern­ and inter- Other 

debt 1 counts 2
 held tions3,4 bonds 5 Pri vate 6 ments nies 3 funds 3,7 ments 3 national 8 inves tors 9 

End of month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

1990 - Mar ....... 3,052.0 935.4 2,116.6 218.8 119.9 116.6 139.0 132.3 142.7 401.1 445.4 400.8 

June ...... 3,143.8 1,003.8 2,140.0 214.2 121.9 122.6 144.6 133.7 141.2 405.0 451.0 405.7 

Sept....... 3,233.3 1,026.0 2,207.3 214.8 123.9 126.5 146.4 136.4 147.6 407.3 463.8 440.7 

Dec ....... 3,364.8 1,059.5 2,305.3 206.5 126.2 129.7 144.5 138.2 162.8 410.6 487.1 499.8 

1991 - Mar ....... 3,465.2 1,104.6 2,360.6 222.5 129.7 122.9 153.4 147.2 186.1 415.6 492.0 491.2 

June ...... 3,538.0 1,139.1 2,398.9 231.5 133.2 122.8 155.0 156.8 180.1 416.8 502.0 500.7 

Sept....... 3,665.3 1,166.9 2,498.4 251.7 135.4 126.2 140.2 171.4 199.5 430.2 506.3 537.6 

Dec ....... 3,801.7 1,223.2 2,578.5 271.5 138.1 126.9 141.7 181.8 221.8 435.5 520.9 540.3 

1992 - Mar ....... 3,881.3 1,215.5 2,665.8 300.5 142.0 116.9 140.7 188.4 227.9 460.0 536.4 553.0 

June ...... 3,984.7 1,272.3 2,712.4 315.1 145.4 116.7 146.7 192.8 235.2 435.6 558.2 566.7 

Sept....... 4,064.6 1,282.4 2,782.2 337.1 150.3 120.0 166.4 194.8 245.1 429.3 562.8 576.5 

Dec ....... 4,177.0 1,329.7 2,847.3 348.3 157.3 121.1 172.3 197.5 259.5 418.2 576.7 596.4 

1993 - Mar ....... 4,230.6 1,328.6 2,902.0 362.6 163.6 112.1 171.2 208.0 261.5 434.0 585.9 603.2 

June ...... 4,352.0 1,400.6 2,951.4 361.0 166.5 111.6 176.9 217.8 269.2 441.2 596.8 610.4 

Sept....... 4,411.5 1,422.2 2,989.3 366.2 169.1 125.1 188.7 229.4 283.9 434.0 619.1 573.9 

Dec ....... 4,535.7 1,476.1 3,059.6 373.0 171.9 119.3 186.3 234.5 294.0 447.8 650.3 582.5 

1994 - Mar ....... 4,575.9 1,476.0 3,099.9 397.4 175.0 119.6 195.0 233.4 278.0 443.4 661.1 597.0 

June ...... 4,645.8 1,547.5 3,098.3 383.9 177.1 128.9 193.4 238.1 271.6 425.2 659.9 620.3 

Sept....... 4,692.8 1,562.8 3,130.0 364.0 178.6 135.9 191.9 243.7 265.3 398.2 682.0 670.4 

Dec ....... 4,800.2 1,622.6 3,177.6 339.6 180.5 139.4 192.1 240.1 273.0 370.0 667.3 775.6 

1995 - Mar ....... 4,864.1 1,619.3 3,244.8 352.9 181.4 141.1 203.1 244.2 273.1 350.5 707.0 791.6 

June ...... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.0 197.2 245.0 263.9 313.7 762.5 814.6 

Sept....... 4,974.0 1,688.0 3,286.0 330.8 183.5 141.4 193.0 245.2 272.6 304.3 820.4 794.8 

Dec ....... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.0 191.7 241.5 286.5 289.8 835.2 820.6 

1996 - Mar ....... 5,117.8 1,731.1 3,386.7 322.1 185.8 143.7 198.9 239.4 310.4 283.6 908.1 794.7 

June ...... 5,161.1 1,806.7 3,354.4 318.7 186.5 143.9 208.2 229.5 306.5 283.3 929.7 748.1 

Sept....... 5,224.8 1,831.6 3,393.2 310.9 186.8 140.5 202.4 226.8 308.4 263.8 993.4 760.2 

Dec ....... 5,323.2 1,892.0 3,431.2 296.6 187.0 139.3 203.5 214.1 315.8 257.0 1,102.1 715.8 

1997 - Mar ....... 5,380.9 1,928.7 3,452.2 317.3 186.5 140.6 203.7 182.2 310.6 250.6 1,157.6 703.1 

June ....... 5,376.2 1,998.9 3,377.3 300.2 186.3 141.0 209.3 183.6 305.4 243.3 1,182.7 625.5 

Sept ....... 5,413.1 2,011.5 3,401.6 292.8 186.2 141.6 219.7 187.3 311.4 237.7 1,230.5 594.3 

Dec ........ 5,502.4 2,087.8 3,414.6 300.3 186.5 142.5 216.9 176.6 321.5 239.3 1,241.6 589.5 

1998 - Mar ....... 5,542.4 2,104.9 3,437.5 308.2 186.3 142.8 211.9 169.4 325.1 238.1 1,250.5 605.2 

June ...... 5,547.9 2,198.6 3,349.3 290.7 186.0 145.2 214.8 160.6 319.4 258.5 1,256.0 518.1 

Sept....... 5,526.2 2,213.0 3,313.2 244.4 186.0 150.6 211.2 151.3 319.7 266.4 1,224.2 559.4 

Dec ....... 5,614.2 2,280.2 3,334.0 237.3 186.7 r 157.6 217.7 144.5 343.2 269.3 1,278.7 r 499.0 

1999 - Mar ....... 5,651.6 2,324.1 3,327.5 246.5 186.5 r 160.7 218.4 140.3 351.7 272.5 r 1,272.3 r 478.6 

June ...... 5,638.8 2,439.6 3,199.2 240.6 186.5 r 164.3 222.5 136.3 334.9 279.1 r 1,258.8 r 376.2 

Sept....... 5,656.3 2,480.9 3,175.4 239.9 186.2 r 164.2 217.3 130.6 338.3 271.6 r 1,281.4 r 345.9 

Dec ....... 5,776.1 2,542.2 3,233.9 246.4 186.4 r 167.7 213.2 125.3 348.6 266.8 r 1,268.7 r 410.8 

2000 - Mar ....... 5,773.4 2,590.6 3,182.8 234.9 185.3 r 171.0 211.1 124.0 339.6 257.2 1,273.8 r 385.9 

June ...... 5,685.9 2,698.6 2,987.4 219.3 184.6 r 173.6 210.5 121.3 322.5 256.4 1,248.8 r 250.4 

Sept....... 5,674.2 2,737.9 2,936.2 r 218.3 r 184.4 r 179.2 r 199.9 r 120.7 r 323.7 246.9 1,225.2 r 237.9 

Dec ....... 5,662.2 2,781.9 2,880.4 p 197.9 184.8 p 181.3 p 194.5 p 119.5 p 336.5 p 246.2 r 1,201.4 r 218.3 

2001 - Mar ....... 5,773.7 2,880.9 2,892.9 n.a. p 184.8 n.a. n.a. n.a. n.a. n.a. p 1,196.2 n.a. 

1 Source: “Monthly Statement of the Public Debt of the United States.” Face value. 7 Includes money market mutual funds, mutual funds and closed-end invest ment compa nies. 2 Sources: Federal Reserve Bulle tin, table 1.18, Federal Reserve Banks, statement of condi- 8 Source: Federal Reserve Board Treasury Inter na tional Capi tal Survey. Includes nonmar ket­ tion, for System Open Market Accounts; and U. S. Treasury for Govern ment accounts. Federal able foreign series Treasury secu ri ties and Treasury deposit funds. Excludes Treasury secu ri- Re serve holdings exclude Treasury secu ri ties held under repur chase agreements. ties held under repur chase agreements in custody accounts at the Federal Reserve Bank of 3 Source: Federal Reserve Board of Gover nors, Flow of Funds Table L.209. New York. Esti mates reflect the 1984 benchmark to Decem ber 1989, the 1989 benchmark to 4 Includes commer cial banks, savings insti tu tions and credit unions. De cem ber 1994 and the 1994 benchmark to date. 

5 Source: “Monthly Statement of the Public Debt of the United States.” Current 9 Includes indi vid u als, Govern ment-sponsored enter prises, brokers and dealers, bank personal 

accrual value. trusts and estates, corpo rate and non-corporate businesses, and other inves tors. 

6 Note.—Owner ship data were revised (in June 1999) back to March 1989 in order to update In cludes U.S. Treasury secu ri ties held by the Federal Employees Retire ment System Thrift own er ship cate go ries and to incor po rate greater reli ance on Flow of Funds data of the Federal Sav ings Plan "G Fund." Re serve Board. 
53
 

IN TRO DUC TION: Mar ket Yields
 

The tables and charts in this section present yields on

Trea sury market able secu ri ties, and compare long-term yields 

on Treasury secu ri ties with yields on long-term corpo rate and 

mu nic i pal secu ri ties. 

• Ta ble MY-1 lists Treasury market bid yields at constant matu ri ties for bills, notes and bonds. The Treasury yield 

curve in the accom pa ny ing chart is based on current market 

bid quota tions on the most actively traded Treasury secu ri ties 

as of 3:30 p.m. on the last business day of the calen dar quarter. 

The Treasury uses quota tions obtained by the FRB of 

New York to derive the yield curve, based on semian nual inter est payments and read at constant matu rity points to develop a consis tent data series. Yields on Treasury bills are 

cou pon equiva lent yields of bank dis count rates at which 

Trea sury bills trade in the market. The Board of Gover nors of 

the Federal Reserve System publishes the Treasury constant 

ma tu rity data series in its weekly H.15 press release. 

• Ta ble MY-2 shows aver age yields of long-term Treasury, corpo rate and munic i pal bonds. The long-term Treasury

av er age yield is the 30-year constant matu rity yield. The corpo rate bond aver age yield is devel oped by Treasury by calculat ing reoffering yields on new long-term secu ri ties matur ing 

in at least 20 years and rated Aa by Moody’s Inves tors Service. 

The munic i pal bond aver age yield prior to 1991 was compiled 

by Treasury. Begin ning with Janu ary 1991, the aver age yield 

is the “Munic i pal Bond Yield Aver age,” published by 

Moody’s Inves tors Service for 20-yearreoffering yields on selected Aa-rated general obli ga tions. See the footnotes for further expla na tion. 

TA BLE MY-1.—Treasury Market Bid Yields at Constant Matu rities: 

Bills, Notes and Bonds* 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Period 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr. 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

Monthly aver age: 

2000 - Apr ................ 5.82 6.07 6.15 6.40 6.36 6.26 6.27 5.99 5.85 

May ............... 5.99 6.39 6.33 6.81 6.77 6.69 6.69 6.44 6.15 

June............... 5.86 6.24 6.17 6.48 6.43 6.30 6.33 6.10 5.93 

July ............... 6.14 6.27 6.08 6.34 6.28 6.18 6.22 6.05 5.85 

Aug ............... 6.28 6.35 6.18 6.23 6.17 6.06 6.05 5.83 5.72 

Sept............... 6.18 6.25 6.13 6.08 6.02 5.93 5.98 5.80 5.83 

Oct................ 6.29 6.32 6.01 5.91 5.85 5.78 5.84 5.74 5.80 

Nov ............... 6.36 6.34 6.09 5.88 5.79 5.70 5.78 5.72 5.78 

Dec ............... 5.94 5.92 5.60 5.35 5.26 5.17 5.28 5.24 5.49 

2001 - Jan ................ 5.29 5.15 4.81 4.76 4.77 4.86 5.13 5.16 5.54 

Feb ............... 5.01 4.89 4.68 4.66 4.71 4.89 5.10 5.10 5.45 

Mar ............... 4.54 4.44 4.30 4.34 4.43 4.64 4.88 4.89 5.34 

End of month: 

2000 - Apr ................ 5.82 6.12 6.24 6.68 6.64 6.56 6.49 6.23 5.97 

May ............... 5.63 6.35 6.37 6.69 6.66 6.54 6.52 6.29 6.02 

June............... 5.88 6.23 6.08 6.38 6.31 6.18 6.25 6.03 5.90 

July ............... 6.27 6.42 6.07 6.30 6.24 6.16 6.19 6.04 5.79 

Aug ............... 6.31 6.38 6.22 6.18 6.09 5.98 5.98 5.73 5.67 

Sept............... 6.23 6.28 6.07 5.98 5.91 5.85 5.93 5.80 5.88 

Oct................ 6.38 6.36 6.12 5.94 5.87 5.83 5.87 5.77 5.79 

Nov ............... 6.21 6.18 5.92 5.61 5.52 5.42 5.50 5.48 5.60 

Dec ............... 5.89 5.70 5.32 5.11 5.06 4.99 5.16 5.12 5.46 

2001 - Jan ................ 4.99 4.83 4.60 4.62 4.67 4.85 5.08 5.19 5.54 

Feb ............... 4.85 4.70 4.47 4.41 4.48 4.70 4.93 4.92 5.34 

Mar ............... 4.30 4.09 4.09 4.18 4.33 4.62 4.86 4.93 5.46 

* Rates are from the Treasury yields curve. 
54 MARKET YIELDS
 

CHART MY-A.—Yields of Treasury Secu ri ties, March 30, 2001* 

Based on closing bid quota tions (in percent ages) 

6.0 

Note: The curve is based only on the most actively traded issues. Market yields on coupon

is sues due in less than 3 months are excluded. 

5.5 

5.0 

4.5 

4.0
 

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
 

Years to ma tu rity 

* Source: Office of Market Finance 
MARKET YIELDS 55 

TA BLE MY-2.—Aver age Yields of Long-Term Treasury, Corpo rate and Munic i pal Bonds 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Trea sury New Aa New Aa 

30-yr. corporate municipal

Period bonds bonds 1 bonds 2 

(1) (2) (3) 

MONTHLY SERIES �AV ER AGES OF DAILY OR WEEKLY SERIES 

1990 

Jan ...................................................................................... 8.26 9.56 6.95 

Feb ...................................................................................... 8.50 9.68 7.03 

Mar ...................................................................................... 8.56 9.79 7.09 

Apr ...................................................................................... 8.76 10.02 7.26 

May ...................................................................................... 8.73 9.97 7.14 

June ..................................................................................... 8.46 9.69 6.98 

July ...................................................................................... 8.50 9.72 7.03 

Aug ...................................................................................... 8.86 10.05 7.13 

Sept...................................................................................... 9.03 10.17 7.15 

Oct ...................................................................................... 8.86 10.09 7.24 

Nov ...................................................................................... 8.54 9.79 6.87 

Dec ...................................................................................... 8.24 9.55 6.85 

1991 

Jan ...................................................................................... 8.27 9.60 7.00 

Feb ...................................................................................... 8.03 9.14 6.61 

Mar ...................................................................................... 8.29 9.14 6.88 

Apr ...................................................................................... 8.21 9.07 6.81 

May ...................................................................................... 8.27 9.13 6.78 

June ..................................................................................... 8.47 9.37 6.90 

July ...................................................................................... 8.45 9.38 6.89 

Aug ...................................................................................... 8.14 8.88 6.66 

Sept...................................................................................... 7.95 8.79 6.58 

Oct ...................................................................................... 7.93 8.81 6.44 

Nov ...................................................................................... 7.92 8.72 6.37 

Dec ...................................................................................... 7.70 8.55 6.43 

1992 

Jan ...................................................................................... 7.58 8.36 6.29 

Feb ...................................................................................... 7.85 8.63 6.42 

Mar ...................................................................................... 7.97 8.62 6.59 

Apr ...................................................................................... 7.96 8.59 6.54 

May ...................................................................................... 7.89 8.57 6.39 

June ..................................................................................... 7.84 8.45 6.32 

July ...................................................................................... 7.60 8.19 5.90 

Aug ...................................................................................... 7.39 7.96 5.81 

Sept...................................................................................... 7.34 7.99 6.05 

Oct ...................................................................................... 7.53 8.17 6.18 

Nov ...................................................................................... 7.61 8.25 6.22 

Dec ...................................................................................... 7.44 8.12 6.02 

1993 

Jan ...................................................................................... 7.34 7.91 6.05 

Feb ...................................................................................... 7.09 7.73 5.74 

Mar ...................................................................................... 6.82 7.39 5.54 

Apr ...................................................................................... 6.85 7.48 5.64 

May ...................................................................................... 6.92 7.52 5.61 

June ..................................................................................... 6.81 7.48 5.54 

July ...................................................................................... 6.63 7.35 5.40 

Aug ...................................................................................... 6.32 7.04 5.50 

Sept...................................................................................... 6.00 6.88 5.44 

Oct ...................................................................................... 5.94 6.88 5.23 

Nov ...................................................................................... 6.21 7.17 5.19 

Dec ...................................................................................... 6.25 7.22 5.27 

See footnotes at end of table. 
56 MARKET YIELDS 

TA BLE MY-2.—Aver age Yields of Long-Term Treasury, Corpo rate and Munic i pal Bonds, con. 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Trea sury New Aa New Aa 

30-yr. cor po rate mu nic i pal Pe riod bonds bonds 1 bonds 2 

(1) (2) (3) 

MONTHLY SERIES—AVER AGES OF DAILY OR WEEKLY SERIES 

1994 

Jan ...................................................................................... 6.29 7.16 5.19 

Feb ...................................................................................... 6.49 7.27 5.16 

Mar ...................................................................................... 6.91 7.64 5.47 

Apr ...................................................................................... 7.27 7.95 5.59 

May ...................................................................................... 7.41 8.17 5.79 

June ..................................................................................... 7.40 8.16 5.96 

July ...................................................................................... 7.58 8.30 6.11 

Aug ...................................................................................... 7.49 8.25 6.07 

Sept...................................................................................... 7.71 8.48 6.10 

Oct ...................................................................................... 7.94 8.76 6.31 

Nov ...................................................................................... 8.08 8.89 6.79 

Dec ...................................................................................... 7.87 8.66 6.63 

1995 

Jan ...................................................................................... 7.85 8.59 6.48 

Feb ...................................................................................... 7.61 8.39 6.09 

Mar ...................................................................................... 7.45 8.23 5.91 

Apr ...................................................................................... 7.36 8.10 5.80 

May ...................................................................................... 6.95 7.68 5.75 

June ..................................................................................... 6.57 7.42 5.61 

July ...................................................................................... 6.72 7.54 5.69 

Aug ...................................................................................... 6.86 7.75 5.81 

Sept...................................................................................... 6.55 7.42 5.75 

Oct ...................................................................................... 6.37 7.29 5.80 

Nov ...................................................................................... 6.26 7.20 5.56 

Dec ...................................................................................... 6.06 7.02 5.46 

1996 

Jan ...................................................................................... 6.05 7.00 5.41 

Feb ...................................................................................... 6.24 7.14 5.41 

Mar ...................................................................................... 6.60 7.58 5.57 

Apr ...................................................................................... 6.79 7.81 5.72 

May ...................................................................................... 6.93 7.87 5.73 

June ..................................................................................... 7.06 8.00 5.82 

July ...................................................................................... 7.03 7.97 5.82 

Aug ...................................................................................... 6.84 7.68 5.69 

Sept...................................................................................... 7.03 7.84 5.62 

Oct ...................................................................................... 6.81 7.69 5.53 

Nov ...................................................................................... 6.48 7.43 5.47 

Dec ...................................................................................... 6.55 7.45 5.47 

1997 

Jan ...................................................................................... 6.83 7.62 5.53 

Feb ...................................................................................... 6.69 7.54 5.40 

Mar ...................................................................................... 6.93 7.85 5.59 

Apr ...................................................................................... 7.09 8.04 5.73 

May ...................................................................................... 6.94 7.90 5.53 

June ..................................................................................... 6.77 7.71 5.39 

July ...................................................................................... 6.51 7.44 5.27 

Aug ...................................................................................... 6.58 7.30 5.27 

Sept...................................................................................... 6.50 7.04 5.25 

Oct ...................................................................................... 6.33 6.90 5.26 

Nov ...................................................................................... 6.11 6.79 5.23 

Dec ...................................................................................... 5.99 6.68 5.07 

See footnotes at end of table. 
MARKET YIELDS 57 

TA BLE MY-2.—Aver age Yields of Long-Term Treasury, Corpo rate and Munic i pal Bonds, con. 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Trea sury New Aa New Aa 

30-yr. corporate mu nic i pal Pe riod bonds bonds 1 bonds 2 

(1) (2) (3) 

MONTHLY SERIES—AVER AGES OF DAILY OR WEEKLY SERIES 

1998 

Jan ...................................................................................... 5.81 6.62 4.93 

Feb ...................................................................................... 5.89 6.66 4.96 

Mar ...................................................................................... 5.95 6.63 5.10 

Apr ...................................................................................... 5.92 6.59 5.10 

May ...................................................................................... 5.93 6.63 5.17 

June ..................................................................................... 5.70 6.43 5.01 

July ...................................................................................... 5.68 6.36 5.04 

Aug ...................................................................................... 5.54 6.34 5.06 

Sept...................................................................................... 5.20 6.26 4.94 

Oct ...................................................................................... 5.01 6.21 4.82 

Nov ...................................................................................... 5.25 6.42 4.93 

Dec ...................................................................................... 5.06 6.13 4.90 

1999 

Jan ...................................................................................... 5.16 6.14 4.94 

Feb ...................................................................................... 5.37 6.33 4.89 

Mar ...................................................................................... 5.58 6.52 5.02 

Apr ...................................................................................... 5.55 6.58 5.00 

May ...................................................................................... 5.81 6.86 5.15 

June ..................................................................................... 6.04 7.21 5.31 

July ...................................................................................... 5.98 7.20 5.30 

Aug ...................................................................................... 6.07 7.36 5.56 

Sept...................................................................................... 6.07 7.38 5.67 

Oct ...................................................................................... 6.26 7.51 5.84 

Nov ...................................................................................... 6.15 7.35 5.90 

Dec ...................................................................................... 6.35 7.55 5.91 

2000 

Jan ...................................................................................... 6.63 7.83 6.02 

Feb ...................................................................................... 6.23 7.59 5.95 

Mar ...................................................................................... 6.05 7.54 5.80 

Apr ...................................................................................... 5.85 7.49 5.64 

May ...................................................................................... 6.15 7.85 5.94 

June ..................................................................................... 5.93 7.75 5.74 

July ...................................................................................... 5.85 7.66 5.59 

Aug ...................................................................................... 5.72 7.47 5.48 

Sept...................................................................................... 5.83 7.50 5.50 

Oct ...................................................................................... 5.80 7.50 5.56 

Nov ...................................................................................... 5.78 7.41 5.50 

Dec ...................................................................................... 5.49 7.21 5.23 

2001 

Jan. ...................................................................................... 5.54 7.15 5.07 

Feb ...................................................................................... 5.45 7.08 5.14 

Mar ...................................................................................... 5.34 6.87 5.08 

1 Treasury series based on 3-week moving aver age of reoffering yields of new corpo rate 2 Index of new reoffering yields on 20-year general obli ga tions rated Aa by Moody’s Inves tors 

bonds rated Aa by Moody’s Inves tors Service with an origi nal matu rity of at least 20 years. Ser vice. Source: U.S. Treasury, 1980-90; Moody’s, Janu ary 1991 to present. 
CHART MY-B.—Av er age Yields of Long-Term

Trea sury, Cor po rate and Mu nic i pal Bonds*

Monthly av er ages (in per cent ages)

58 MARKET YIELDS

Cal en dar years

*Source: Of fice of Mar ket Fi nance

4

5

6

7

8

9

10

11

88 89 90 91 92 93 94 95 96 97 98 99 00 01

Treasury 30-yr. bonds

Aa corporate bonds

Aa municipal bonds
59
 

IN TRO DUC TION: U.S. Currency and Coin Out stand ing and in Cir cu la tion
 

The U.S. Cur rency and Coin Out stand ing and in Cir cu la­ tion (USCC ) state ment informs the pub lic of the to tal face 

value of cur rency and coin used as a me dium of ex change that 

is in cir cu la tion at the end of a given ac count ing month. The 

state ment de fines the to tal amount of cur rency and coin outstand ing and the portion deemed to be in circu la tion. It in ­

cludes some old and cur rent rare is sues that do not cir cu late or 

that may do so to a lim ited ex tent. Trea sury in cludes them in 

the state ment be cause the is sues were orig i nally in tended for 

gen eral cir cu la tion. 

The USCC state ment pro vides a de scrip tion of the var i ous 

is sues of pa per money. It also gives an es ti mated av er age of 

cur rency and coin held by each in di vid ual, us ing es ti mates of 

pop u la tion from the Bu reau of the Cen sus. USCCin for ma tion 

has been pub lished by Trea sury since 1888, and was pub lished 

sep a rately un til 1983, when it was in cor po rated into the “Treasury Bul le tin.” The USCC co mes from monthly re ports compiled by Treasury offices, vari ous U.S. Mint offices, the 

Fed eral Reserve Banks (FRBs) and the Federal Reserve 

Board. 

TA BLE USCC-1.—Amounts Out stand ing and in Cir cu la tion, Mar. 30, 2001 

[Source: Fi nan cial Man age ment Ser vice] 

To tal cur rency and coin To tal currency Fed eral Re serve notes1 U.S. notes Cur rency no

lon ger is sued 

Cur rency (1) (2) (3) (4) (5) 

Amounts out stand ing. ................ $773,612,318,646 $741,860,432,148 $741,341,757,344 $265,066,416 $253,608,388 

Less amounts held by: 

The Trea sury. .................... 408,703,362 15,869,362 15,666,335 20,739 182,288 

FRBs ........................... 187,287,681,277 186,108,911,186 186,108,909,546 - 1,640 

Amounts in cir cu la tion ................ $585,915,934,007 $555,735,651,600 $555,217,181,463 $265,045,677 $253,424,460 

To tal Dol lars 3 Frac tional coins 

Coins2 (1) (2) (3) 

Amounts out stand ing. .................. $31,751,886,498 $3,451,273,398 $28,300,613,100 

Less amounts held by: 

The Trea sury. ....................... 392,834,000 336,738,000 56,096,000 

FRBs ............................. 1,178,770,091 366,688,712 812,081,379 

Amounts in cir cu la tion .................. $30,180,282,407 $2,747,846,686 $27,432,435,721 

See foot notes fol low ing ta ble USCC-2. 
60 U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION 

TA BLE USCC-2.—Amounts Out stand ing and in Cir cu la tion, Mar. 30, 2001 

[Source: Fi nan cial Man age ment Ser vice] 

Cur rency no

To tal Fed eral Re serve notes 1 U.S. notes lon ger is sued 

Cur rency in cir cu la tion by de nom i na tion (1) (2) (3) (4) 

$1 ............................. 

$2 ............................. 

$5 ............................. 

$10 ............................ 

$20 ............................ 

$50 ............................ 

$100 ........................... 

$500 ........................... 

$1,000.......................... 

$5,000.......................... 

$10,000......................... 

Frac tional parts................... 

Par tial notes 4 ....................... 

$7,317,081,875 $7,170,230,596 $143,481 $146,707,798 

1,243,196,440 1,110,789,202 132,394,666 12,572 

8,396,403,285 8,256,012,605 109,918,110 30,472,570 

13,657,583,810 13,635,490,150 5,950 22,087,710 

91,565,471,110 91,545,363,960 3,380 20,103,770 

52,848,556,030 52,837,058,250 - 11,497,780 

380,392,602,150 380,348,029,200 22,580,000 21,992,950 

143,117,300 142,929,500 - 187,800 

166,444,000 166,238,000 - 206,000 

1,755,000 1,700,000 - 55,000 

3,440,000 3,340,000 - 100,000 

485 - - 485 

115 - 90 25 

To tal cur rency .................. $555,735,651,600 $555,217,181,463 $265,045,677 $253,424,460 

Amount (in mil lions) Per ca pita 5 

Com par a tive to tals of cur rency and coins in cir cu la tion—se lected dates (1) (2) 

Mar. 30, 2001 ................................... 

Feb. 28, 2001 ................................... 

Jan. 31, 2001 ................................... 

July 31, 1999.................................... 

Sept. 30, 1995................................... 

Sept. 30, 1990................................... 

Sept. 30, 1985................................... 

Sept. 30, 1980................................... 

June 30, 1975 ................................... 

June 30, 1970 ................................... 

June 30, 1965 ................................... 

June 30, 1960 ................................... 

June 30, 1955 ................................... 

585,916 $2,121.82 

585,211 2,112.83 

549,930 1,986.53 

533,492 1,953.25 

409,272 1,553.15 

278,903 1,105.14 

187,337 782.45 

129,916 581.48 

81,196 380.08 

54,351 265.39 

39,719 204.14 

32,064 177.47 

30,229 182.90 

1 Is sued on or af ter July 1, 1929. 4 Rep re sents value of cer tain par tial de nom i na tions not pre sented for re demp tion. 5 Based on Bu reau of the Cen sus es ti mates of pop u la tion. 3

 In cludes $481,781,898 in stan dard sil ver dol lars. 

2

 Ex cludes coins sold to col lec tors at pre mium prices. 
63
 

IN TRO DUC TION: Inter na tional Finan cial Statis tics 

The tables in this section provide statis tics on U.S. Govern ment reserve assets, lia bil i ties to for eign ers and its inter national finan cial posi tion. All mone tary figures are in dollars or 

dol lar equiva lents.	 

• Ta ble IFS-1 shows reserve assets of the United States, 

in clud ing its gold stock, spe cial drawing rights held in the 

Spe cial Drawing Account in the In ter na tional Mone tary Fund 

(IMF), holdings of convert ible foreign curren cies and reserve 

po si tion in the IMF. 

• Ta ble IFS-2 contains statis tics on lia bil i ties to for eign

of fi cial insti tu tions, and selected lia bil i ties to all other for eigners, which are used in the U.S. balance of payments statis tics. 

• Ta ble IFS-3 shows nonmar ket able bonds and notes 

that the Treasury issues to offi cial insti tu tions and other residents of foreign countries. 

TA BLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Reserve posi­ tion in Inter naEnd of cal en dar To tal re serve Gold stock 2 

Spe cial drawing For eign curren cies 4 tional Mone tary 

year or month as sets 1 rights 1,3 Fund 1,5,6 

(1) (2) (3) (4) (5) 

1996 ................ 

1997 ................ 

1998 ................ 

1999 ................ 

2000 - Apr ............ 

May ........... 

June ........... 

July............ 

Aug............ 

Sept ........... 

Oct ............ 

Nov............ 

Dec............ 

2001 - Jan ............ 

Feb............ 

Mar............ 

Apr ............ 

75,089 11,048 10,312 38,294 15,435 

69,954 11,047 10,027 30,809 18,071 

81,761 11,046 10,603 36,001 24,111 

71,516 11,048 10,336 32,182 17,950 

66,587 11,048 10,122 30,014 15,403 

67,160 11,048 10,310 30,429 15,373 

67,955 11,046 10,444 31,037 15,428 

66,516 11,046 10,257 30,130 15,083 

65,333 11,046 10,371 30,118 13,798 

66,256 11,046 10,316 31,209 13,685 

65,257 11,046 10,169 30,514 13,528 

65,523 11,046 10,369 30,617 13,491 

67,647 11,046 10,539 31,238 14,824 

67,542 11,046 10,497 30,920 15,079 

66,486 11,046 10,641 30,692 14,107 

64,222 11,046 10,379 29,020 13,777 

64,731 11,046 10,420 29,449 13,816 

1 Begin ning July 1974, the Inter na tional Mone tary Fund (IMF) adopted a technique for valuing 4 In cludes holdings of Treasury and Federal Reserve System; begin ning Novem ber 

the special drawing right (SDR) based on a weighted aver age of exchange rates for the curren- 1978, these are valued at current market exchange rates or, where appro pri ate, at such 

cies of selected member countries. The U.S. SDR holdings and reserve posi tion in the IMF also other rates as may be agreed upon by the parties to the transac tions. 

are valued on this basis begin ning July 1974. 5 The United States has the right to purchase foreign curren cies equiva lent to its reserve 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursu ant to 31 United po si tion in the IMF auto mat i cally if needed. Under appro pri ate condi tions, the United 

States Code 5117 (b) issues gold certif i cates to the Federal Reserve at the same rate against States could purchase addi tional amounts related to the U.S. quota. 

all gold held. 6 In cludes an SDR $361 million loan to the IMF under the General Arrange ments to Bor- 3 Includes allo ca tions of SDRs in the Special Drawing Account in the IMF, plus or minus trans- row in July 1998, and an SDR $619 million loan to the IMF under the New Arrange ments

ac tions in SDRs. to Borrow in Decem ber 1998. 
64 IN TER NA TIONAL FINAN CIAL STATIS TICS 

TA BLE IFS-2.—Selected U.S. Lia bil i ties to Foreigners 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Li a bil i ties to foreign countries 

Li a bil i ties to

Of fi cial insti tu tions 1 other foreign ers 

Li a bil i ties 

to nonMar ket able Nonmarket- Li a bil i ties Marketable mon e tary

Li a bil i ties U.S. able U.S. Other re ported U.S. in ter na- End of re ported by Trea sury Trea sury readily by banks Trea sury tional and

cal en dar banks in bonds bonds mar ket- Li a bil i ties in the bonds re gional 

year or United and and able to United and organizamonth To tal To tal States notes 2 notes 3 liabilities 4 banks 5 To tal States notes 2, 6 tions 7 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1996 ........... 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412 

1997 ........... 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145 

1998 ........... 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247 

1999 ........... 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453 

2000 - Mar. r .... 2,614,600 805,904 301,358 430,243 5,734 68,569 968,918 815,701 198,807 616,894 24,077 

Apr. r ..... 2,634,351 811,205 295,923 436,646 5,770 72,866 973,328 823,852 198,877 624,975 25,966 

May r ..... 2,680,465 803,122 285,257 435,241 5,808 76,816 1,022,145 827,213 207,653 619,560 27,985 

June r .... 2,664,016 812,939 293,976 433,829 5,740 79,394 1,010,656 813,903 210,528 603,375 26,518 

July r...... 2,690,713 824,088 301,256 433,190 5,180 84,462 1,039,386 806,077 207,809 598,268 21,162 

Aug. r ..... 2,659,911 826,420 298,040 433,639 5,213 89,528 1,005,411 808,973 211,272 597,701 19,107 

Sept. r .... 2,658,109 825,516 299,168 427,013 5,247 94,088 1,004,971 807,929 212,343 595,586 19,693 

Oct. r ..... 2,718,067 826,216 301,553 419,863 5,280 99,520 1,042,140 828,387 228,873 599,514 21,324 

Nov....... 2,720,695 825,116 302,692 414,896 5,313 102,215 1,052,036 822,396 231,874 590,522 21,147 

Dec....... 2,707,451 821,939 297,660 415,964 5,348 102,967 1,056,580 811,446 231,896 579,550 17,486 

2001 - Jan ....... 2,745,976 843,001 314,238 418,190 4,923 105,650 1,083,799 803,845 235,052 568,793 15,331 

Feb. p ..... 2,733,872 842,842 312,937 418,857 4,953 106,095 1,064,458 810,544 235,446 575,098 16,028 

Mar. p ..... 2,684,719 840,700 309,036 419,106 4,984 107,574 1,024,768 803,176 223,468 579,708 16,075 

1 Includes Bank for Inter na tional Settle ments. 6 Includes market able U.S. Govern ment bonds and notes held by foreign banks. 

2 Derived by apply ing reported transac tions to benchmark data. 7 Prin ci pally the Inter na tional Bank for Recon struc tion and Devel op ment, the Inter-American 

3 Includes current value of zero-coupon Treasury bond issues to foreign govern ments as fol- De vel op ment Bank and the Asian Devel op ment Bank. 

lows: Mexico, begin ning March 1988, 20-year matu rity issue and begin ning March 1990, Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 30-year matu rity issue; Vene zuela, begin ning Decem ber 1990, 30-year matu rity issue; Argen- other depos i tory insti tu tions and brokers in the United States. Data gener ally corre spond to tina, begin ning April 1993, 30-year matu rity issue. Also, see footnotes to table IFS-3. sta tis tics follow ing in this section and in the “Capi tal Movements” section. Table excludes Inter- 4 Includes debt secu ri ties of U.S. Govern ment corpo ra tions, feder ally sponsored agencies and na tional Mone tary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and 

pri vate corpo ra tions. non ne go tia ble noninterest-bearing special U.S. notes held by inter na tional and regional orga5 Includes lia bil i ties payable in dollars to foreign banks and lia bil i ties payable in for eign curren- ni za tions. 

cies to foreign banks and to “other foreign ers.” 
IN TER NA TIONAL FINAN CIAL STATIS TICS 65 

TA BLE IFS-3.—Nonmar ket able U.S. Trea sury Bonds and Notes Issued 

to Offi cial Insti tu tions and Other Resi dents of Foreign Countries 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Pay able in dollars
 

End of calen dar Grand total To tal Ar gen tina 1 Mex ico 2 Ven e zuela 3
 

year or month (1) (2) (3) (4) (5)
 

1996 .......................... 

1997 .......................... 

1998 .......................... 

1999 .......................... 

2000 - Mar ..................... 

Apr...................... 

May ..................... 

June..................... 

July ..................... 

Aug ..................... 

Sept ..................... 

Oct. ..................... 

Nov ..................... 

Dec ..................... 

2001 - Jan...................... 

Feb. ..................... 

Mar ..................... 

5,968 5,968 1,015 3,835 1,118
 

5,994 5,994 1,091 3,692 1,211
 

6,074 6,074 1,172 3,991 911
 

6,111 6,111 1,259 4,313 539
 

5,734 5,734 1,282 3,902 550
 

5,770 5,770 1,289 3,927 554
 

5,808 5,808 1,297 3,953 558
 

5,740 5,740 1,200 3,979 561
 

5,180 5,180 1,207 3,408 565
 

5,213 5,213 1,214 3,430 569
 

5,247 5,247 1,222 3,452 573
 

5,280 5,280 1,229 3,474 577
 

5,313 5,313 1,236 3,497 580
 

5,348 5,348 1,244 3,520 584
 

4,923 4,923 1,252 3,083 588
 

4,953 4,953 1,259 3,102 592
 

4,984 4,984 1,266 3,122 596
 

1 Begin ning April 1993, includes current value (princi pal and accrued inter est) of zero-coupon, is sue with remain ing face value of $13,412 million.
 

30-year matu rity Treasury bond issue to the govern ment of Argen tina. Remaining face value of 3 Begin ning Decem ber 1990, indi cates current value of zero-coupon, 30-year matu rity Treasury
 

the issue is $6,148 million. bond issue to the Repub lic of Vene zuela. Remaining face value of issue is $2,721 million.
 2 Includes the current value of the follow ing zero-coupon, Treasury bond issues to the govern­
 

ment of Mexico: Begin ning March 1988, 20-year matu rity issue with remain ing face value of
 

$1,508 million that was retired in full in April 1997; and begin ning March 1990, 30-year maturity
 
66 

IN TRO DUC TION: Capi tal Movements 

Trea sury collects infor ma tion about the transfer ence of finan cial assets and other portfo lio capi tal movements between 

the United States and foreign ers and has since 1935. Commercial banks and other depos i tory insti tu tions, bank holding compa nies, secu ri ties brokers and dealers, and nonbanking

en ter prises in the United States file capi tal movement reports 

with district FRBs. Begin ning in late 1998, the Federal Reserve Board also performs services on behalf of the Treasury in 

sup port of this data collec tion system. 

Forms and instruc tions are devel oped with the coop er a tion 

of other Govern ment agencies and the Federal Reserve System 

and in consul ta tion with repre sen ta tives of banks, secu ri ties 

firms and nonbanking enter prises. The most recent revi sions to 

selected report ing forms and instruc tions were effec tive January 31, 2001. The major changes are outlined below. Copies of 

the report ing forms and instruc tions may be obtained from the 

Of fice of Program Services, Office of the Assis tant Secre tary 

for Inter na tional Affairs, Treasury, Washing ton, D.C. 20220; 

the Inter na tional Finance Divi sion, Board of Gover nors of the 

Fed eral Reserve System, Washing ton, D.C. 20551; or district 

FRBs. A number of report ing forms and instruc tions also may 

be downloaded from the Treasury Inter na tional Capi tal (TIC)

re port ing system website at the address highlighted in the 

NOTE at the end of the INTRO DUC TION text. 

In general, infor ma tion is reported oppo site the country or 

geo graph ical area where the foreigner is located, as shown on 

re cords of report ing insti tu tions. However, infor ma tion may 

not always reflect the ulti mate owner ship of assets. Reporting

in sti tu tions are not required to go beyond addresses shown on 

their records and so may not be aware of the actual country of 

do mi cile of the ulti mate bene fi ciary.

Trans ac tions with branches or agencies of foreign offi cial

in sti tu tions, wherever located, are reported oppo site the country that has sover eignty over the insti tu tions. Transac tions with 

in ter na tional and regional orga ni za tions are not reported opposite any country, but are accounted for in regional groupings of 

such orga ni za tions. The only excep tion is infor ma tion pertaining to the Bank for Inter na tional Settle ments, which is reported

op po site “Other Europe.” For purposes of publi ca tion only, infor ma tion on the Euro pean Central Bank also is included in 

“Other Europe.” 

Banks and other depos i tory insti tu tions, bank holding compa nies, secu ri ties brokers and dealers, and nonbanking enterprises in the United States must file reports. These enter prises

in clude the branches, agencies, subsid iar ies and other affil i ates 

in the United States of foreign banking and nonbanking firms. 

Those with lia bil i ties, claims or secu ri ties transac tions below 

spec i fied exemp tion levels are exempt from report ing. 

Banks and other depos i tory insti tu tions, and some brokers 

and dealers, file monthly reports cover ing their dollar lia bil ities to, and dollar claims on, foreign ers in a number of countries. Twice a year, June 30 and Decem ber 31, they also report 

the same lia bil i ties and claims items attrib uted to foreign ers in 

coun tries not shown sepa rately on the monthly reports. Quarterly reports are filed for lia bil i ties and claims denom i nated in 

for eign curren cies. Begin ning Janu ary 2001, the geograph ical

de tail of the inter na tional banking transac tions forms was 

changed to add lines for Luxem bourg, the combined Channel 

Is lands and Isle of Man, the Carib bean region, New Zealand, 

and the Euro pean Central Bank. In addi tion, the British West 

In dies line was replaced with a line for the Cayman Islands. At 

the same time, the exemp tion level appli ca ble to the banking

re ports was raised from $15 million to $50 million. The new 

ex emp tion level is also subject to the provi sion that report able 

amounts for any one country do not exceed $25 million. 

Banks and other depos i tory insti tu tions, secu ri ties brokers 

and dealers, and other enter prises report monthly their transactions with foreign ers by country in long-term secu ri ties. This 

coun try list was amended in Janu ary 2001 as outlined in the report ing of inter na tional banking activ ity above. Respon dents 

must report secu ri ties transac tions with foreign ers if their aggre gate purchases or their aggre gate sales amount to at least 

$50 million during the covered month. Prior to Janu ary 2001, 

this excep tion level had been set at $2 million. 

Ex porters, import ers, indus trial and commer cial concerns, 

fi nan cial insti tu tions (other than banks, other depos i tory institu tions and brokers), and other nonbanking enter prises must 

file reports quarterly if lia bil i ties to, or claims on, unaf fil i ated

for eign ers amount to $10 million or more at the end of the covered quarter. 

Nonbanking enter prises also report each month their aggregate U.S. dollar denom i nated deposit and certif i cates of deposit claims of $10 million or more on banks abroad. 

The data in these tables do not cover all types of reported

cap i tal movements between the United States and other countries. The princi pal exclu sions are the intercompany capi tal

trans ac tions of nonbanking business enter prises in the United 

States with their own branches and subsid iar ies abroad or with 

their foreign parent compa nies (own foreign offices) and capital transac tions of the U.S. Govern ment. Consol i dated data on 

all types of inter na tional capi tal transac tions are published by 

the Depart ment of Commerce (Commerce) in its regu lar reports on the U.S. balance of payments. 

• Sec tion I pres ents lia bil i ties to foreign ers reported by 

U.S. banks and other depos i tory insti tu tions, as well as brokers 

and dealers. Dollar lia bil i ties are reported monthly; those denom i nated in foreign curren cies are reported quarterly. Respon dents report certain of their own lia bil i ties and a wide 

range of their custody lia bil i ties to foreign ers. Begin ning with 

the June 2001 issue, new table CM-I-1 replaces former tables 

CM-I-1 and CM-I-2 and includes new breakouts of lia bil i ties

aris ing under repur chase agreements and from foreign ownership of short-term secu ri ties issued by U.S. Govern ment and 

Fed erally-sponsored agencies. The remain ing tables in this 

sec tion have been renum bered accord ingly. 

• Sec tion II presents claims on foreign ers reported by 

U.S. banks and other depos i tory insti tu tions, brokers and deal-
CAP I TAL MOVEMENTS 67
 

ers. Data on banks’ claims held for their own account are collected monthly. Infor ma tion on claims held for their domes tic

cus tom ers as well as on foreign currency claims is collected on 

a quarterly basis only. Matu rity data are reported accord ing to 

time remain ing to matu rity. Reporting also covers certain 

items held by brokers and dealers in the United States. Beginning with the June 2001 issue, table CM-II-1 in this section has 

been revised to include a new breakout of claims on foreign ers

aris ing under resale agreements. 

• Sec tion III con tains supple men tary data on dollar liabil i ties to, and dollar claims on, countries not listed sepa rately 

on the monthly reports submit ted by banks, other depos i tory

in sti tu tions, brokers and dealers in the United States. The supple men tary reports are filed semian nu ally as of the end of June 

and Decem ber. 

• Sec tion IV shows the lia bil i ties to, and claims on, unaffil i ated foreign ers of export ers, import ers, indus trial and commer cial concerns, finan cial insti tu tions (other than banks, 

other depos i tory insti tu tions and brokers), and other 

nonbanking enter prises in the United States. Infor ma tion does 

not include accounts of nonbanking enter prises in the United 

States with their own branches and subsid iar ies abroad or with 

their foreign parent compa nies. These are reported by business 

en ter prises to Commerce on its direct invest ment forms. Data 

ex clude claims on foreign ers held through banks in the United 

States. 

• Sec tion V con tains infor ma tion on transac tions with 

for eign ers in long-term domes tic and foreign secu ri ties as reported by banks, brokers and other enti ties in the United 

States. The data cover transac tions exe cuted in the United 

States for the accounts of foreign ers and transac tions exe cuted 

abroad for the accounts of report ing insti tu tions and their domes tic custom ers. This includes transac tions in newly issued 

se cu ri ties as well as transac tions in and redemp tions of outstand ing issues. However, the data do not include nonmar ketable Treasury bonds and notes shown in table IFS-3. 

The geograph ical breakdown of the transac tions data does 

not neces sar ily reflect the domi cile of the ulti mate owners or 

the origi nal issu ers of the secu ri ties. This is because the path of 

a secu rity is not tracked prior to its being purchased from, or 

af ter it is sold to, a foreigner in a report able transac tion. That is, 

be fore it enters and after it departs the report ing system, owner ship of a secu rity may be transferred between foreign ers of 

dif fer ent countries. Such transfers may occur any number of 

times and are concealed among the net figures for U.S. transac tions oppo site indi vid ual countries. Hence, the geograph ical

break down shows only the country of domi cile of the foreign

buy ers and sellers of secu ri ties in a partic u lar round of transactions. 

NOTE: Current and histor i cal data on United States transac tions with foreign ers in long-term secu ri ties and on the gross

for eign lia bil i ties and claims reported by banks in the United 

States are available on the Treasury Inter na tional Capi tal (TIC) 

reporting system website: http://www.ustreas.gov/tic. These 

data may be downloaded as sepa rate time series for each country or geograph ical area regu larly shown in the capi tal movements tables. Also available on this website is a table on 

“Ma jor Foreign Holders of Trea sury Secu ri ties,” showing estimated total holdings of U.S. Treasury bills, bonds and notes 

for current and recent peri ods. All data series on the TIC 

website are updated on the last business day of each month. 
68 CAP I TAL MOVEMENTS 

SEC TION I.—Lia bil i ties to Foreigners Reported by Banks 

in the United States 

TA BLE CM-I-1.—Total Lia bil i ties by Type and Holder 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar 

Type of Lia bil ity year 2000 2001 

1999 Sept. r Oct. r Nov. Dec. Jan. Feb. Mar. p 

Total liabilities to all foreigners .............. 1,497,277 1,532,495 1,590,025 1,604,031 1,599,789 1,645,120 1,625,530 1,570,010 

Payable in dollars ....................... 1,408,740 1,453,643 1,511,173 1,525,179 1,523,669 1,569,000 1,549,410 1,493,890 

Foreign official institutions 1 .............. 295,024 299,168 301,553 302,692 297,660 314,238 312,937 309,036 

Demand deposits .................... 3,341 5,213 4,361 4,702 3,950 3,195 4,438 3,502 

Time deposits ....................... 28,942 36,699 34,035 35,335 35,638 33,008 30,210 27,199 

U.S. Treasury bills and certificates ....... 156,177 155,498 155,101 155,061 153,010 158,967 155,667 155,204 

Short-term U.S. agency obligations ...... n.a. n.a. n.a. n.a. n.a. 45,384 49,594 53,295 

Other liabilities ...................... 106,564 101,758 108,056 107,594 105,062 73,684 73,028 69,836 

Unaffiliated foreign banks and other foreigners ......................... 489,262 502,940 527,554 543,066 562,956 579,128 588,224 555,214 

Demand deposits .................... 39,445 26,732 25,091 26,969 29,562 27,633 31,300 30,336 

Time deposits ....................... 124,330 140,498 145,501 150,545 149,889 148,791 157,324 149,115 

U.S. Treasury bills and certificates ....... 28,819 18,883 18,668 18,586 24,480 23,015 23,362 16,322 

Short-term U.S. agency obligations ...... n.a. n.a. n.a. n.a. n.a. 20,778 23,968 17,632 

Other liabilities ...................... 296,668 316,827 338,294 346,966 359,025 358,911 352,270 341,809 

Banks’ own foreign offices ............... 609,179 635,878 664,962 662,347 650,493 664,771 636,653 617,995 

International and regional organizations 2 ... 15,275 15,657 17,104 17,074 12,560 10,863 11,596 11,645 

Demand deposits .................... 98 19 48 30 41 27 19 23 

Time deposits ....................... 10,348 7,626 5,918 6,542 6,264 5,566 4,984 5,252 

U.S. Treasury bills and certificates ....... 680 223 215 249 252 294 248 229 

Short-term U.S. agency obligations ...... n.a. n.a. n.a. n.a. n.a. 26 108 137 

Other liabilities ...................... 4,149 7,789 10,923 10,253 6,003 4,950 6,237 6,004 

Payable in foreign currencies 3 ............. 88,537 78,852 78,852 78,852 76,120 76,120 76,120 76,120 

Sec tor: 

Banks and other foreigners ............ 87,653 78,497 78,497 78,497 75,028 75,028 75,028 75,028 

International and regional organizations ... 884 355 355 355 1,092 1,092 1,092 1,092 

Ma jor foreign currencies: 

Canadian dollar...................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Euro .............................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

United Kingdom pound sterling .......... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Japanese yen ....................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Mem o ran da: 

Banks’ own liabilities to foreigners .......... 971,536 1,027,138 1,074,575 1,073,536 1,049,070 1,086,260 1,065,577 1,033,319 

Collateralized by repurchase agreements ... - - - - - 124,561 119,804 129,468 

Foreign official institutions.............. - - - - - 41,331 44,980 45,721 

Foreign banks and other foreigners ...... n.a. n.a. n.a. n.a. n.a. 82,481 72,735 82,650 

International and regional organizations ... - - - - - 749 2,089 1,097 

Reported by International Banking Facilities . 419,871 449,655 467,388 454,196 437,030 445,007 423,653 404,370 

Payable in dollars .................... 367,688 402,379 420,112 406,920 391,330 399,307 377,953 358,670 

Payable in foreign currencies ........... 52,183 47,276 47,276 47,276 45,700 45,700 45,700 45,700 

Custody liabilities of domestic customers..... 437,204 426,505 436,598 451,643 474,599 482,740 483,833 460,571 

1

 Includes Bank for Inter na tional Settle ments. 3 Data as of preced ing quarter for non-quarter-end months. 2

 Principally the Inter na tional Bank for Recon struc tion and Devel op ment and the Inter-American 

De vel op ment Bank. 
CAP I TAL MOVEMENTS 69 

TA BLE CM-I-2.—Total Lia bil i ties by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1997 1998 1999 Nov. r Dec. Jan. Feb. Mar. p 

Eu rope: 

Austria .................... 3,388 3,474 2,960 2,863 2,787 2,429 2,187 2,241 

Belgium 1 .................. 46,246 45,004 46,078 33,326 34,232 8,188 6,538 6,263 

Bulgaria ................... 729 776 472 313 367 426 272 226 

Czech Republic ............. 564 323 790 671 626 613 743 494 

Denmark .................. 1,903 1,720 2,357 3,658 3,135 3,525 4,316 3,053 

Finland.................... 2,869 2,098 1,749 1,878 1,413 1,156 1,668 1,287 

France .................... 52,148 49,839 58,317 46,646 41,282 52,487 48,977 46,202 

Germany .................. 30,589 30,898 29,004 30,857 41,423 36,138 36,061 36,550 

Greece.................... 1,558 2,085 3,877 3,349 2,044 1,919 1,994 1,527 

Hungary................... 1,064 911 871 1,189 1,127 1,207 816 670 

Ireland .................... 4,376 8,485 7,691 9,475 8,131 8,358 10,281 10,873 

Italy ...................... 15,498 10,103 9,756 7,379 6,762 6,680 6,753 7,453 

Luxembourg 1 .............. n.a. n.a. n.a. n.a. n.a. 27,095 24,123 12,585 

Netherlands ................ 8,359 12,163 9,365 13,826 8,025 9,044 8,953 7,805 

Norway ................... 341 788 1,363 5,205 2,310 4,767 6,336 8,366 

Poland .................... 5,112 6,053 4,274 3,738 3,649 4,253 3,863 3,569 

Portugal ................... 3,736 3,788 2,501 2,504 2,530 2,697 2,751 1,857 

Romania .................. 734 311 768 802 850 913 1,024 1,229 

Russia 2.................... 7,979 2,441 5,476 20,027 19,054 17,267 19,063 18,659 

Spain ..................... 19,878 16,991 11,091 7,302 8,250 8,578 8,689 9,949 

Sweden ................... 2,834 3,237 4,744 7,505 6,507 5,657 5,968 6,747 

Switzerland ................ 46,065 53,891 64,092 88,051 76,404 84,768 85,691 55,700 

Turkey .................... 4,068 4,358 7,972 4,539 7,636 7,871 5,479 5,723 

United Kingdom ............. 212,790 202,280 190,706 193,975 188,154 198,113 189,437 200,954 

Channel Islands and Isle of 

Man 3 ................... n.a. n.a. n.a. n.a. n.a. 406 498 649 

Yugoslavia 4 ................ 239 233 286 284 282 293 300 300 

Other Europe............... 14,394 14,384 14,778 18,006 16,518 16,660 14,274 12,643 

Total Europe .............. 487,461 476,634 481,338 507,368 483,498 511,508 497,055 463,574 

Canada..................... 33,185 34,708 40,579 37,117 37,052 29,920 29,938 29,311 

Latin America: 

Argentina .................. 20,279 19,037 18,650 17,960 19,542 18,985 18,466 12,924 

Brazil ..................... 31,407 16,483 12,944 12,018 11,827 11,416 12,347 11,451 

Chile ..................... 4,126 5,047 7,095 5,380 5,949 5,701 6,009 5,229 

Colombia .................. 3,668 4,639 5,685 4,581 4,574 4,571 4,464 4,363 

Ecuador ................... 2,084 1,575 1,959 2,064 2,124 2,162 2,259 2,184 

Guatemala................. 1,497 1,338 1,632 1,696 1,655 1,599 1,553 1,527 

Mexico .................... 35,295 38,644 32,263 34,725 34,032 34,596 36,243 34,869 

Panama ................... 4,269 3,869 4,420 4,044 4,405 3,728 3,998 4,127 

Peru...................... 901 843 1,143 1,194 1,452 1,372 1,476 1,805 

Uruguay................... 2,403 2,522 2,393 3,061 3,039 2,831 2,877 3,398 

Venezuela ................. 21,771 20,202 20,459 26,182 25,033 27,250 26,729 27,068 

Other Latin America 5 ........ 9,067 9,808 10,916 10,298 10,467 7,097 7,246 7,258 

Total Latin America .......... 136,767 124,007 119,559 123,203 124,099 121,308 123,667 116,203 

Ca rib bean: 

Bahamas .................. 114,319 126,029 139,425 178,505 191,217 187,943 187,325 175,937 

Bermuda .................. 7,138 7,279 8,005 8,684 9,822 9,615 8,405 8,528 

British West Indies 6 ......... 283,470 309,090 331,546 384,120 388,715 n.a. n.a. n.a. 

Cayman Islands 6 ........... n.a. n.a. n.a. n.a. n.a. 399,043 390,908 387,100 

Cuba ..................... 66 62 75 88 90 130 84 85 

Jamaica ................... 475 604 547 763 849 826 979 1,272 

Netherlands Antilles ......... 5,446 5,308 4,205 5,326 5,522 6,591 5,563 4,530 

Trinidad and Tobago ......... 597 475 601 755 915 807 896 1,058 

Other Caribbean 5 .............. n.a. n.a. n.a. n.a. n.a. 13,390 13,128 12,580 

Total Caribbean ........... 411,511 448,847 484,404 578,241 597,130 618,345 607,288 591,090 

See footnotes at end of table. 
70 CAP I TAL MOVEMENTS 

TA BLE CM-I-2.—Total Lia bil i ties by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1997 1998 1999 Nov. r Dec. Jan. Feb. Mar. p 

Asia: 

China: 

Mainland ................. 18,252 13,441 12,325 15,835 16,538 27,451 31,654 39,899 

Taiwan................... 11,859 12,748 13,644 17,660 17,712 19,850 18,614 17,913 

Hong Kong ................. 19,216 21,779 28,260 26,218 27,317 27,562 28,223 29,634 

India ...................... 4,574 5,372 7,368 5,174 4,544 4,209 4,070 4,559 

Indonesia .................. 3,616 8,326 6,571 8,386 8,524 8,536 9,027 8,605 

Israel ..................... 6,282 7,756 7,489 6,574 8,101 7,712 7,308 8,849 

Japan ..................... 172,352 193,202 170,614 162,521 162,473 160,769 162,578 158,480 

Korea ..................... 13,107 12,525 12,991 6,838 8,061 7,249 6,367 5,780 

Lebanon ................... 1,102 1,190 1,212 760 681 936 910 590 

Malaysia ................... 1,737 2,392 3,851 1,760 2,339 1,825 1,800 2,233 

Pakistan ................... 1,335 847 813 1,561 1,028 793 923 1,029 

Philippines ................. 3,255 3,564 3,806 2,338 2,434 1,773 1,426 1,432 

Singapore.................. 18,412 24,838 32,840 28,942 28,678 29,294 27,945 24,867 

Syria ...................... 35 40 55 58 59 41 98 

Thailand ................... 6,505 7,363 6,052 3,494 3,224 3,252 3,500 3,347 

Oil-exporting countries 7 ....... 15,490 17,068 22,565 25,673 24,936 23,601 22,789 23,243 

Other Asia ................. 3,873 3,975 5,387 5,072 5,313 5,798 5,493 5,155 

Total Asia ................ 301,002 336,426 335,843 318,864 321,962 330,651 332,725 335,688 

Af rica: 

Congo (formerly Zaire) ........ 10 5 14 4 4 10 10 

Egypt ..................... 1,667 1,343 2,023 1,655 2,622 2,552 2,336 2,282 

Ghana .................... 302 213 147 147 193 118 109 112 

Liberia .................... 257 269 423 306 322 268 284 290 

Morocco ................... 138 97 179 100 148 166 148 142 

South Africa ................ 2,163 1,539 1,497 856 1,012 844 915 652 

Oil-exporting countries 8 ....... 3,143 3,177 3,010 4,115 4,141 4,406 4,839 4,682 

Other Africa ................ 2,766 2,492 2,280 2,429 2,536 2,330 2,485 2,538 

Total Africa ............... 10,446 9,135 9,573 9,612 10,978 10,694 11,126 10,706 

Other countries: 

Australia ................... 6,377 5,528 8,408 11,020 10,129 8,893 9,558 9,487 

New Zealand 9 .............. n.a. n.a. n.a. n.a. n.a. 1,032 328 424 

All other ................... 916 1,158 1,413 1,177 1,288 738 1,156 789 

Total other countries ........ 7,293 6,686 9,821 12,197 11,417 10,663 11,042 10,700 

Total foreign countries ..... 1,387,665 1,436,443 1,481,117 1,586,602 1,586,136 1,633,089 1,612,841 1,557,272 

International and regional orga ni za tions: 

International ................ 11,592 10,648 13,758 16,406 12,211 9,947 11,734 11,657 

European regional ........... 111 577 504 176 453 389 472 510 

Latin American regional ....... 493 750 1,150 523 740 1,493 223 272 

Caribbean regional 10 ......... n.a. n.a. n.a. n.a. n.a. - 29 -

Asian regional .............. 562 477 607 232 175 141 121 217 

African regional ............. 123 67 141 92 74 61 110 81 

Middle Eastern regional ....... 5 - - - - - - 1 

Total international 

and regional ............. 12,886 12,519 16,160 17,429 13,653 12,031 12,689 12,738 

Grand total .............. 1,400,551 1,448,962 1,497,277 1,604,031 1,599,789 1,645,120 1,625,530 1,570,010 

1

 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 

2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other Eu- 5

 Before Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as comrope.” bined “Other Latin America and Carib bean.” 3

 Before Janu ary 2001, data included in United Kingdom. 6 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in the data series. 4

 Includes Serbia and Montenegro, which presently form an entity not formally recog nized by the 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates 

United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states by (Trucial States). 

the United States are reported under “Other Europe” as follows: since Decem ber 1992 for 8

 Includes Alge ria, Gabon, Libya and Nige ria. Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugo slav 9

 Before Janu ary 2001, data included “All other.” Re pub lic of Mace do nia. 10 Before Janu ary 2001, included in “Latin American regional.” 

73 

8 
CAP I TAL MOVEMENTS 71
 

TA BLE CM-I-3.—Total Lia bil i ties by Type and Country, Mar. 31, 2001, Prelim i nary 

[Po si tion in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Li a bil i ties payable in dollars 

To foreign offi cial insti tu tions and unaf- Mem oTo tal lia bil i ties fil i ated foreign banks To all other foreign ers ran dum 

To tals Short- Li a bil i ties Ne go tiaPay able term U.S. to banks’ Short-term ble CDs 

in foreign Banks’ De posits Trea sury own for- De posits U.S. Trea- held for 

Pay able cur ren- own lia­ all forli a bil i ties De mand Time 2 tions 3 bil i ties fices De mand Time 2 sury obli ga-Other liaTo tal in dollars cies 1 bil i ties Cus tody ob li ga- Other lia- eign oftions 3 bil i ties eign ers 

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 

Eu rope: 

Austria ............. 2,241 2,178 63 1,601 577 83 617 67 1,130 17 11 170 42 41 83 

Belgium ............ 6,263 5,432 831 4,597 835 107 403 96 4,147 122 67 294 16 180 62 

Bulgaria ............ 226 226 - 108 118 3 24 118 73 2 3 3 - - -

Czech Republic ...... 494 439 55 433 6 10 233 3 90 8 10 85 - - -

Denmark ........... 3,053 2,919 134 2,837 82 52 - 40 2,694 77 15 10 5 26 2 

Finland ............. 1,287 1,286 1 349 937 45 - 255 915 34 20 15 1 1 636 

France ............. 46,202 42,760 3,442 22,861 19,899 511 2,229 16,248 6,824 13,513 178 410 26 2,821 824 

Germany ........... 36,550 30,662 5,888 22,810 7,852 390 4,677 735 10,975 6,607 290 641 19 6,328 6,580 

Greece ............. 1,527 1,496 31 842 654 36 192 590 243 65 62 236 5 67 42 

Hungary ............ 670 666 4 117 549 18 - 301 318 5 13 11 - - -

Ireland ............. 10,873 10,642 231 3,261 7,381 115 270 35 3,176 105 244 346 359 5,992 1,505 

Italy ............... 7,453 5,770 1,683 5,296 474 299 762 118 1,554 2,182 118 398 31 308 69 

Luxembourg ......... 12,585 12,585 n.a. 7,013 5,572 276 1,145 807 2,804 3,776 199 439 168 2,971 270 

Netherlands ......... 7,805 7,265 540 6,430 835 282 946 284 1,347 2,202 136 345 91 1,632 49 

Norway............. 8,366 8,361 5 8,324 37 488 - 28 7,786 14 14 22 - 9 -

Poland ............. 3,569 3,499 70 1,255 2,244 39 299 1,225 1,681 229 7 17 - 2 10 

Portugal ............ 1,857 1,731 126 571 1,160 118 80 1,066 170 52 18 153 15 59 4 

Romania............ 1,229 1,226 3 326 900 7 1 440 756 7 4 10 - 1 -

Russia 4............. 18,659 18,625 34 3,562 15,063 304 90 6,750 11,112 274 29 61 - 5 5 

Spain .............. 9,949 9,500 449 7,526 1,974 174 400 161 4,940 2,515 114 887 24 285 156 

Sweden ............ 6,747 6,738 9 5,214 1,524 59 105 89 641 2,897 27 122 3 2,795 912 

Switzerland ......... 55,700 54,028 1,672 46,868 7,160 406 699 2,774 4,527 43,289 161 417 1,193 562 733 

Turkey ............. 5,723 5,635 88 3,265 2,370 116 159 2,339 2,081 775 17 102 9 37 7 

United Kingdom ...... 200,954 182,284 18,670 169,740 12,544 4,507 21,810 402 14,969 120,357 1,244 2,146 1,046 15,803 2,147 

Channel Islands and 

Isle of Man 5 ....... 649 649 n.a. 552 97 58 237 - 163 - 32 66 44 49 -

Yugoslavia 6 ......... 300 294 6 294 - 8 48 - 147 - 1 18 - 72 -

Other Europe ........ 12,643 12,332 311 9,062 3,270 157 3,817 2,469 5,284 97 56 188 40 224 252 

Total Europe ....... 463,574 429,228 34,346 335,114 94,114 8,668 39,243 37,440 90,547 199,221 3,090 7,612 3,137 40,270 14,348 

Canada .............. 29,311 23,318 5,993 18,869 4,449 1,192 1,514 1,579 3,849 8,670 653 1,237 109 4,515 215 

Latin America: 

Argentina ........... 12,924 12,875 49 11,216 1,659 317 2,460 300 1,684 178 785 5,909 253 989 206 

Brazil .............. 11,451 10,577 874 9,927 650 223 2,009 150 1,892 1,205 530 3,994 115 459 187 

Chile............... 5,229 5,175 54 4,557 618 172 551 55 810 833 271 2,044 69 370 296 

Colombia ........... 4,363 4,344 19 4,013 331 33 117 - 732 46 380 2,605 118 313 160 

Ecuador ............ 2,184 2,179 5 2,070 109 15 93 - 40 151 250 1,357 10 263 59 

Guatemala .......... 1,527 1,509 18 1,420 89 45 114 2 250 1 119 932 1 45 23 

Mexico ............. 34,869 33,994 875 26,868 7,126 298 4,901 2,508 8,934 2,174 1,372 11,296 327 2,184 739 

Panama ............ 4,127 4,014 113 3,151 863 76 215 2 399 444 143 1,855 402 478 91 

Peru ............... 1,805 1,788 17 1,740 48 12 71 - 74 71 439 1,029 1 91 18 

Uruguay ............ 3,398 3,365 33 2,962 403 54 269 152 1,066 796 66 730 37 195 68 

Venezuela .......... 27,068 26,814 254 17,295 9,519 151 2,811 7,603 4,277 174 1,224 9,590 66 918 100 

Other Latin America ... 7,258 7,189 69 6,749 440 155 1,759 153 1,212 257 318 2,952 28 355 58 

Total Latin America .. 

Ca rib bean: 

116,203 113,823 2,380 91,968 21,855 1,551 15,370 10,925 21,370 6,330 5,897 44,293 1,427 6,660 2,005 

Bahamas ........... 175,937 174,174 1,763 162,375 11,799 159 953 104 11,071 152,478 148 2,005 546 6,710 303 

Bermuda ........... 8,528 8,401 127 4,615 3,786 71 235 211 2,584 5 74 913 495 3,813 144 

Cayman Islands ...... 387,100 372,492 14,608 229,133 143,359 30 3,237 105 138,841 188,796 148 2,772 759 37,804 1,353 

Cuba .............. 85 85 - 83 2 3 8 - 9 - - 57 - 8 -

Jamaica ............ 1,272 1,238 34 1,123 115 20 451 2 457 50 19 125 12 102 2 

Netherlands Antilles ... 4,530 4,504 26 4,375 129 19 191 4 411 350 40 324 54 3,111 16 

Trinidad and Tobago .. 1,058 1,048 10 988 60 50 553 - 227 41 28 144 - 5 4 

Other Caribbean ..... 12,580 12,580 n.a. 8,411 4,169 136 472 138 1,859 831 553 4,253 1,007 3,331 590 

To tal Carib bean..... 591,090 574,522 16,568 411,103 163,419 488 6,100 564 155,459 342,551 1,010 10,593 2,873 54,884 2,412 

See footnotes at end of table. 
72 CAP I TAL MOVEMENTS 

TA BLE CM-I-3.—Total Lia bil i ties by Type and Country, Mar. 31, 2001, Prelim i nary, con. 

[Po si tion in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Li a bil i ties payable in dollars 

To foreign offi cial insti tu tions and unaf­ Mem oTo tal lia bil i ties fil i ated foreign banks To all other foreign ers ran dum 

Totals Short- Li a bil i ties Ne go tiaPay able term U.S. to banks’ Short-term ble CDs 

Pay able cur ren­ own lia­ Cus tody De posits Trea sury own for­ in foreign Banks’ De posits U.S. Trea­ held for

ob li ga­ Other lia­ eign of­ sury obli ga­ Other lia­ all forTo tal in dollars cies 1 bil i ties	 li a bil i ties De mand Time 2 tions 3 bil i ties fices De mand Time 2 tions 3 bil i ties eign ers 

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 

Asia: 

China: 

Mainland ........... 39,899 39,899 - 7,328 32,571 335 2,583 7,700 28,129 404 64 395 22 267 37 

Taiwan ............ 17,913 17,891 22 14,811 3,080 299 2,627 2,326 8,757 500 347 2,637 17 381 149 

Hong Kong........... 29,634 29,085 549 21,201 7,884 462 2,922 674 13,619 7,536 330 2,144 91 1,307 37 

India ................ 4,559 4,547 12 2,335 2,212 181 105 1,275 1,594 1,020 80 160 - 132 8 

Indonesia ............ 8,605 8,605 - 2,037 6,568 245 305 6,536 823 210 138 340 1 7 8 

Israel ............... 8,849 8,803 46 4,086 4,717 99 187 4,442 1,106 281 93 2,333 9 253 66 

Japan ............... 158,480 146,441 12,039 50,993 95,448 1,375 19,349 78,707 6,237 24,216 747 1,300 203 14,307 2,604 

Korea ............... 5,780 5,686 94 3,254 2,432 211 162 961 2,002 2,060 61 174 1 54 33 

Lebanon ............. 590 590 - 580 10 29 49 - 381 6 5 110 4 6 5 

Malaysia............. 2,233 2,180 53 1,669 511 158 80 453 580 559 28 316 - 6 2 

Pakistan ............. 1,029 1,009 20 906 103 52 33 40 321 481 23 53 - 6 8 

Philippines ........... 1,432 1,428 4 1,232 196 263 129 44 542 48 66 300 3 33 17 

Singapore ........... 24,867 23,432 1,435 20,664 2,768 518 5,945 1,134 2,841 12,152 106 397 14 325 67 

Syria................ 73 69 4 67 2 14 - - 9 - 2 42 - 2 2 

Thailand ............. 3,347 3,252 95 1,039 2,213 114 93 1,990 281 359 35 192 127 61 5 

Other Asia ........... 28,398 27,221 1,177 20,154 7,067 1,338 2,097 3,141 9,103 9,841 195 654 136 716 731 

Total Asia .......... 

Af rica: 

335,688 320,138 15,550 152,356 167,782 5,693 36,666 109,423 76,325 59,673 2,320 11,547 628 17,863 3,779 

Congo (formerly Zaire).. 8 8 - 8 - - - - - 5 1 2 - - -

Egypt ............... 2,282 2,282 - 1,049 1,233 123 139 1,035 589 285 17 54 1 39 45 

Ghana .............. 112 106 6 102 4 16 31 - 39 1 6 9 - 4 -

Liberia .............. 290 289 1 177 112 1 1 - 5 - 15 155 16 96 11 

Morocco ............. 142 133 9 131 2 32 - - 54 10 3 33 - 1 1 

South Africa .......... 652 651 1 624 27 74 2 - 263 4 80 93 1 134 6 

Other Africa .......... 7,220 7,095 125 5,870 1,225 1,674 801 1,086 2,052 607 319 240 7 309 9 

Total Africa ......... 10,706 10,564 142 7,961 2,603 1,920 974 2,121 3,002 912 441 586 25 583 72 

Other countries: 

Australia............. 9,487 9,448 39 3,950 5,498 372 338 973 6,549 467 378 83 9 279 1,660 

New Zealand ......... 424 424 n.a. 397 27 39 1 26 265 12 60 20 - 1 -

All other ............. 789 779 10 500 279 12 - 75 148 159 54 137 192 2 1 

Total other 

countries.......... 10,700 10,651 49 4,847 5,804 423 339 1,074 6,962 638 492 240 201 282 1,661 

Total foreign

countries ........ 1,557,272 1,482,244 75,028 1,022,218 460,026 19,935 100,206

In ter na tional and regional orga ni za tions: 

International .......... 11,657 10,734 923 10,517 217 - -

European regional ..... 510 341 169 41 300 - -

Latin American regional . 272 272 - 245 27 - -

Caribbean regional .... - - n.a. - - - -

Asian regional ........ 217 217 - 216 1 - -

African regional ....... 81 81 - 81 - - -

Middle Eastern 

regional ............ 1 1 - 1 - - -

163,126 357,514 617,995 

- - -

- - -

- - -

- - -

- - -

- - -

- - -

13,903 76,108 8,400 125,058 24,492 

6 5,122 66 5,539 -

11 1 163 166 -

3 127 - 142 

- - - - -

2 1 - 214 -

1 - - 80 -

- 1 - - -

Total international 

and regional ....... 12,738 11,646 1,092 11,101 545 - - - - - 23 5,252 229 6,141 26 

Grand total ........ 1,570,010 1,493,890 76,120 1,033,319 460,571 19,935 100,206 163,126 357,514 617,995 13,926 81,360 8,629 131,199 24,518 

1 These data as of Dec. 31, 2000. 5

 Before Janu ary 2001, data included in United Kingdom. 2

 Excludes nego tia ble time certif i cates of deposit, which are included in “Other Lia bilities.” 6 Includes Serbia and Montenegro, which presently form an entity not formally recog nized by 3

 U.S. Treasury bills and certif i cates held in custody for the account of oil-exporting countries in 	 the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states 

“Other Asia” and “Other Africa” amount to $1,972 million. by the United States are reported under “Other Europe” as follows: since Decem ber 1992 for

4

 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other Eu- Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former Yugo slav

Re pub lic of Mace do nia. rope.” 

26 
CAP I TAL MOVEMENTS 73 

CHART CM-A.—U.S. Lia bil i ties to Foreigners

Re ported by U.S. Banks, Brokers and Dealers 

with Respect to Selected Countries 

700 

(In billions of dollars) 

In the first quarter of 2001, U.S. 

banking liabilities fell $30 billion, 

due to decreases opposite Europe 

and the Caribbean financial 

600 centers. Last year, U.S. banking 

liabilities increased $103 billion, 

due entirely to strong increases 

opposite the Caribbean financial 

500 centers. 

U.S. banking liabilities to 

foreigners, excluding long-term

400 securities, are concentrated in 

international financial centers. The 

data on this page show that nearly 

one-half of U.S. banking liabilities

300 currently is reported opposite the 

United Kingdom and the banking 

centers in the Caribbean. 

Foreigners domiciled in the rest of 200 Europe and in Asia hold an 

additional 40 percent. 

U.S. banking lia bil i ties in the 100 mid-1990s went through a growth

spurt. The annual growth rate be- tween 1993 and 1997 aver aged 10

per cent. In 1998 and 1999, growth

0 slowed to less than 5 percent per 

1997 1998 1999 2000 Mar. 2001 year, more in line with the 1989

through 1992 period. In 2000, 

growth increased to 7 percent. United Kingdom All other Europe Ca rib bean banking centers 

Ja pan All other Asia All other countries 

United Kingdom. ............. 212,790 202,280 190,706 188,154 200,954 

All other Europe. ............. 274,671 274,354 290,632 295,344 262,620 

Caribbean banking centers1,2 .... 414,642 451,575 487,601 599,681 580,222 

Japan. ..................... 172,352 193,202 170,614 162,473 158,480 

All other Asia ................ 128,650 143,224 165,229 159,489 177,208 

Subtotal ................... 1,203,105 1,264,635 1,304,782 1,405,141 1,379,484 

All other countries. ............ 197,446 184,327 192,495 194,648 190,526 

Grand total ................ 1,400,551 1,448,962 1,497,277 1,599,789 1,570,010 

1

 Includes Baha mas, Bermuda, British West Indies, Nether lands Antil les and Panama. 2

 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in report ing format. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 
74 CAP I TAL MOVEMENTS 

SEC TION II.—Claims on Foreigners Reported by Banks in the United States 

TA BLE CM-II-1.—Total Claims by Type 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

1999 2000 

Type of claim 

Cal en dar year 

1998 June Sept. Dec. Mar. r June r Sept. Dec. p 

Total claims ...................... 974,771 973,405 974,817 1,033,128 1,093,146 1,099,153 1,105,229 1,189,244 

Payable in dollars................. 875,891 890,343 896,247 944,937 1,007,901 1,012,489 1,025,751 1,102,595 

Banks’ own claims on foreigners.... 734,995 742,675 752,518 793,139 810,535 828,591 856,474 911,879 

Foreign public borrowers ........ 19,925 32,616 30,831 30,527 32,277 36,501 35,572 33,641 

Un af fil i ated foreign banks: 

Deposits.................... 27,230 24,549 24,556 34,538 24,377 22,371 23,765 23,886 

Other ...................... 78,976 80,096 77,750 62,648 65,546 66,585 63,379 75,736 

Own foreign offices .............. 484,535 479,349 479,621 529,682 553,459 559,145 592,647 630,105 

All other foreigners .............. 124,329 126,065 139,760 135,744 134,876 143,989 141,111 148,511 

Claims of banks’ 

domestic customers ............ 140,896 147,668 143,729 151,798 197,366 183,898 169,277 190,716 

Deposits ..................... 79,363 94,642 88,789 88,006 129,327 105,846 87,108 99,846 

Negotiable and readily

transferable instruments ....... 47,914 42,670 40,804 51,161 56,032 62,975 70,334 78,147 

Collections and other ........... 13,619 10,356 14,136 12,631 12,007 15,077 11,835 12,723 

Payable in foreign currencies........ 98,880 83,062 78,570 88,191 85,245 86,664 79,478 86,649 

Banks’ own claims on foreign ers 

of which ................... 78,162 59,588 67,036 67,365 63,492 67,862 60,355 56,867 

Canadian dollars .......... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Euros ................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

U.K. pounds .............. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Japanese yen............. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Claims of banks’ 

domestic customers 

of which .................. 20,718 23,474 11,534 20,826 21,753 18,802 19,123 29,782 

Canadian dollars .......... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Euros ................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

U.K. pounds .............. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Japanese yen............. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Mem o ran da: 

Claims reported by IBFs ........... 252,310 231,843 265,562 274,611 305,668 293,805 306,933 308,736 

Payable in dollars .............. 217,416 206,365 231,836 243,765 274,219 260,829 277,198 281,615 

Payable in foreign currencies ..... 34,894 25,478 33,726 30,846 31,449 32,976 29,735 27,121 

Customer liability on acceptances .... 4,520 4,456 4,532 4,553 4,462 5,055 4,701 4,258 

Collateralized by resale agreements .. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Foreign public borrowers ........ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

For eign banks and other foreigners n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

International and regional orgs. ... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Claims with remain ing matu rity of 1 year or less: 

On foreign public borrowers......... 10,095 21,580 19,019 18,328 19,250 21,001 19,713 17,443 

On all other unaffiliated foreigners .... 176,431 164,914 177,753 169,566 156,163 160,813 154,937 170,388 

Claims with remain ing matu rity of more than 1 year: 

On foreign public borrowers......... 9,798 11,405 12,082 11,933 12,729 15,025 15,306 15,528 

On all other unaffiliated foreigners .... 54,094 63,369 61,244 67,255 68,394 72,065 73,427 77,864 
CAP I TAL MOVEMENTS 75 

TA BLE CM-II-2.—Total Claims by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

1999 2000 

Country 

Cal en dar year 

1998 June Sept. Dec. Mar. r June r Sept. Dec. p 

Eu rope: 

Austria ...................... 2,744 4,605 4,283 4,651 6,515 5,546 6,561 4,877 

Belgium 1 ..................... 11,989 14,206 10,644 15,774 15,162 12,598 10,745 10,098 

Bulgaria ..................... 3 3 1 7 4 3 6 23 

Czech Republic ............... 162 202 113 152 113 183 140 139 

Denmark .................... 4,367 3,529 4,848 3,223 2,381 4,837 5,307 4,963 

Finland ...................... 1,292 1,991 2,244 2,426 2,569 3,272 4,258 8,711 

France ...................... 27,708 28,965 31,077 36,433 42,174 41,906 38,909 53,275 

Germany .................... 46,117 49,506 49,703 58,385 68,671 62,063 58,083 70,703 

Greece ...................... 1,072 974 910 1,165 1,309 1,128 1,092 1,259 

Hungary ..................... 54 40 34 37 44 33 46 41 

Ireland ...................... 5,495 5,082 4,596 4,612 6,741 7,830 6,213 7,226 

Italy ........................ 13,064 11,313 12,199 12,765 11,073 13,597 11,129 12,586 

Luxembourg 1 ................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Netherlands .................. 15,875 20,716 16,581 19,928 22,981 23,030 23,206 23,228 

Norway...................... 1,560 1,477 1,592 1,160 2,633 3,036 5,613 5,655 

Poland ...................... 706 1,257 1,116 1,219 436 403 240 434 

Portugal ..................... 866 1,471 1,817 1,927 1,539 2,217 2,195 2,105 

Romania..................... 59 91 85 68 66 64 79 80 

Russia 2 ...................... 858 823 838 731 725 763 661 690 

Spain ....................... 7,760 8,204 6,495 5,400 4,689 5,029 4,163 4,776 

Sweden ..................... 9,196 7,421 7,653 8,508 14,450 15,312 15,280 16,060 

Switzerland .................. 53,678 82,747 96,079 85,388 120,877 96,164 105,410 88,034 

Turkey ...................... 3,781 4,146 2,867 9,906 9,613 4,757 4,270 4,571 

United Kingdom ............... 162,874 189,014 180,432 172,345 186,682 210,761 209,080 229,523 

Channel Islands and Isle of Man 3 . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Yugoslavia 4 .................. 62 54 51 50 50 49 49 50 

Other Europe ................. 5,430 8,134 7,559 9,515 8,519 8,962 9,312 9,858 

Total Europe ................ 376,772 445,971 443,817 455,775 530,016 523,543 522,047 558,965 

Canada ....................... 73,578 54,632 53,446 56,906 61,857 62,380 54,785 57,088 

Latin America: 

Argentina .................... 10,909 11,381 11,510 11,486 11,477 11,803 12,322 12,904 

Brazil ....................... 18,195 16,013 15,958 18,733 17,260 18,971 20,185 22,112 

Chile........................ 8,498 7,624 6,974 6,743 6,674 6,319 6,115 6,053 

Colombia .................... 6,671 5,683 4,852 4,543 3,954 3,808 3,870 4,388 

Ecuador ..................... 1,461 1,128 873 780 702 626 640 651 

Guatemala ................... 1,149 1,066 1,080 1,162 1,206 1,256 1,255 1,280 

Mexico ...................... 24,011 20,677 19,092 19,160 17,948 17,798 17,391 18,262 

Panama ..................... 3,742 3,481 3,109 3,512 3,132 3,295 3,048 3,241 

Peru ........................ 3,296 2,992 2,615 2,559 2,251 2,492 2,719 2,824 

Uruguay ..................... 1,156 1,069 980 822 786 641 746 685 

Venezuela ................... 3,217 3,742 3,677 3,720 3,799 3,592 3,595 3,751 

Other Latin America 5 ........... 5,109 5,077 4,983 5,135 5,376 5,260 4,972 5,278 

To tal Latin America .......... 87,414 79,933 75,703 78,355 74,565 75,861 76,858 81,429 

Ca rib bean: 

Bahamas.................... 100,955 66,742 80,950 112,826 99,150 97,013 109,301 132,643 

Bermuda .................... 5,418 6,336 8,711 8,117 7,498 6,391 6,569 9,568 

British West Indies 6 ........... 187,464 204,479 193,254 210,411 211,583 215,991 218,658 237,398 

Cayman Islands 6.............. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Netherlands Antilles ........... 6,816 5,576 13,382 6,051 6,415 6,513 5,784 5,812 

Trinidad and Tobago........... 461 557 591 609 637 685 599 609 

Other Caribbean 5 ............. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Total Caribbean ............... 301,361 284,010 297,222 338,313 325,615 326,889 341,252 386,385 

See footnotes at end of table. 
76 CAP I TAL MOVEMENTS 

TA BLE CM-II-2.—Total Claims by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

1999 2000 

Cal en dar year 

Country 1998 June Sept. Dec. Mar. r June r Sept. Dec. p 

Asia: 

China: 

Mainland ................... 1,297 3,772 2,080 2,160 3,206 1,722 1,558 1,668 

Taiwan..................... 1,196 1,079 1,120 1,639 1,373 1,764 3,151 2,719 

Hong Kong ................... 10,408 9,047 5,868 6,580 5,126 5,224 7,119 7,392 

India ........................ 1,600 1,714 1,869 1,874 1,880 2,047 2,144 2,346 

Indonesia .................... 2,239 1,810 1,770 1,853 1,903 1,905 2,034 1,944 

Israel ....................... 4,586 5,245 4,241 5,061 6,559 4,632 4,127 5,588 

Japan ....................... 55,170 32,601 34,381 34,627 33,140 37,997 39,895 39,320 

Korea ....................... 8,432 11,481 11,201 9,625 11,921 16,185 14,706 8,077 

Lebanon..................... 35 29 4,616 29 27 55 36 39 

Malaysia..................... 1,096 1,426 1,174 1,092 1,136 1,031 1,047 848 

Pakistan ..................... 645 918 1,084 405 526 670 742 165 

Philippines ................... 1,664 1,702 1,512 1,466 1,722 1,922 1,545 1,832 

Singapore.................... 7,591 4,366 4,830 3,988 2,758 3,739 3,094 4,575 

Syria........................ 1 - - - 3 1 2 12 

Thailand ..................... 1,885 1,872 1,488 1,556 1,181 1,289 1,123 1,404 

Oil-exporting countries 7 ......... 20,132 10,749 12,427 15,502 12,588 13,246 11,182 11,372 

Other Asia ................... 281 429 826 437 511 332 310 324 

Total Asia .................. 118,258 88,240 90,487 87,894 85,560 93,761 93,815 89,625 

Af rica: 

Congo (formerly Zaire).......... 1 1 - 25 2 3 1 -

Egypt ....................... 320 326 323 308 320 272 199 228 

Ghana ...................... 26 17 39 22 18 16 18 

Liberia ...................... 627 632 542 513 556 528 594 545 

Morocco ..................... 446 479 577 377 304 287 290 241 

South Africa .................. 768 825 627 714 480 821 393 435 

Oil-exporting countries 8 ........ 936 416 324 277 198 431 917 477 

Other Africa .................. 379 355 316 276 282 285 280 357 

Total Africa ................. 3,503 3,051 2,748 2,512 2,160 2,643 2,692 2,301 

Other countries: 

Australia ..................... 9,459 12,863 7,490 8,308 8,460 9,050 8,313 8,338 

New Zealand 9 ................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

All other ..................... 806 640 311 486 604 303 602 427 

Total other 

countries.................. 10,265 13,503 7,801 8,794 9,064 9,353 8,915 8,765 

Total foreign

countries ................ 971,151 969,331 971,228 1,028,549 1,088,837 1,094,430 1,100,364 1,184,558 

In ter na tional and regional orgs.: 

International .................. 3,499 3,963 3,532 4,555 4,294 4,677 4,544 4,582 

European regional ............. 42 1 26 10 - 5 42 -

Latin American regional ......... 79 107 31 14 15 41 78 104 

Caribbean regional 10 ........... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Asian regional ................ - 3 - - - - 201 -

African regional ............... - - - - - - - -

Middle Eastern regional ......... - - - - - - - -

Total international 

and regional ............... 3,620 4,074 3,589 4,579 4,309 4,723 4,865 4,686 

Grand total ................ 974,771 973,405 974,817 1,033,128 1,093,146 1,099,153 1,105,229 1,189,244 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com-
 

2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other bined “Other Latin America and Carib bean.”
 

Eu rope.” 6 Before Janu ary 2001, data for Cayman Islands included in British West Indies.
 

3 Be fore Janu ary 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates 
 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by the (Trucial States).
 

United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states by 8 Includes Alge ria, Gabon, Libya, and Nige ria.
 

the United States are reported under “Other Europe” as follows: since Decem ber 1992 for 9 Before Janu ary 2001, data included in “All other.” Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugo slav 10 Before Janu ary 2001, included in “Latin Ameri can regional.” Re pub lic of Mace do nia.
 

18 
CAP I TAL MOVEMENTS 77 

TA BLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 2000 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Re porting banks’ own claims 

On foreign
 Mem o ran dum Claims of banks’ domes tic custom ers

pub lic bor­ row ers and
 Pay able in Cus tomers’ Pay able in

To tal banks’ un af fil i ated On own for-
 for eign li a bil ity on Pay able in for eign Coun try To tal claims own claims for eign ers eign offices
 cur ren cies ac cep tan ces To tal dol lars cur ren cies 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

Eu rope: 

Austria ................ 4,877 3,271 2,938 3 330 - 1,606 1,537 69 

Belgium 1............... 10,098 6,681 4,534 1,006 1,141 11 3,417 3,155 262 

Bulgaria ............... 23 20 7 - 13 - 3 3 -

Czech Republic ......... 139 139 79 58 2 - - - -

Denmark............... 4,963 4,008 904 2,408 696 - 955 925 30 

Finland ................ 8,711 7,977 381 7,021 575 - 734 109 625 

France ................ 53,275 43,923 8,380 31,923 3,620 24 9,352 8,145 1,207 

Germany .............. 70,703 43,366 13,993 22,980 6,393 3 27,337 18,855 8,482 

Greece ................ 1,259 1,044 351 307 386 3 215 152 63 

Hungary ............... 41 30 23 1 6 - 11 - 11 

Ireland ................ 7,226 6,309 2,876 2,979 454 - 917 716 201 

Italy................... 12,586 9,684 3,497 4,132 2,055 - 2,902 1,886 1,016 

Luxembourg 1 ........... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Netherlands ............ 23,228 18,645 9,929 7,365 1,351 127 4,583 3,618 965 

Norway................ 5,655 5,100 5,011 1 88 - 555 380 175 

Poland ................ 434 418 334 49 35 - 16 2 14 

Portugal ............... 2,105 1,602 1,084 298 220 - 503 365 138 

Romania............... 80 80 75 3 2 - - - -

Russia 2................ 690 530 514 3 13 - 160 5 155 

Spain ................. 4,776 3,254 1,471 1,377 406 3 1,522 1,419 103 

Sweden ............... 16,060 9,898 2,330 6,971 597 - 6,162 5,708 454 

Switzerland............. 88,034 84,387 3,765 78,618 2,004 49 3,647 3,137 510 

Turkey ................ 4,571 3,268 3,079 96 93 308 1,303 1,289 14 

United Kingdom ......... 229,523 163,931 39,035 109,840 15,056 184 65,592 59,823 5,769 

Channel Islands and Isle of 

Man 3 ................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Yugoslavia 4 ............ 50 50 50 - - - - - -

Other Europe ........... 9,858 2,237 1,787 10 440 - 7,621 2,788 4,833 

Total Europe .......... 558,965 419,852 106,427 277,449 35,976 712 139,113 114,017 25,096 

Canada ................. 57,088 44,465 11,720 28,348 4,397 5 12,623 10,808 1,815 

Latin America: 

Argentina .............. 12,904 12,275 10,294 1,252 729 29 629 497 132 

Brazil ................. 22,112 20,772 12,786 7,781 205 385 1,340 859 481 

Chile .................. 6,053 5,922 5,797 19 106 2 131 108 23 

Colombia .............. 4,388 4,379 4,245 125 9 6 9 9 -

Ecuador ............... 651 641 613 22 6 7 10 10 -

Guatemala ............. 1,280 1,261 1,164 82 15 26 19 19 -

Mexico ................ 18,262 17,698 17,296 134 268 249 564 453 111 

Panama ............... 3,241 3,128 2,039 896 193 26 113 113 -

Peru .................. 2,824 2,815 2,058 750 7 16 9 9 -

Uruguay ............... 685 684 517 158 9 3 1 1 -

Venezuela ............. 3,751 3,702 3,408 112 182 11 49 49 -

Other Latin America 5 .... 5,278 5,205 4,217 849 139 72 73 73 -

Total Latin America ...... 81,429 78,482 64,434 12,180 1,868 832 2,947 2,200 747 

Ca rib bean: 

Bahamas .............. 132,643 116,673 7,293 106,797 2,583 30 15,970 15,969 1 

Bermuda............... 9,568 9,380 9,243 100 37 11 188 188 -

British West Indies 6 ..... 237,398 197,428 36,460 152,855 8,113 183 39,970 39,516 454 

Cayman Islands 6 ........ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Cuba.................. - - - - - - - - -

Jamaica ............... 355 355 325 30 - - - - -

Netherlands Antilles ...... 5,812 5,812 1,444 4,357 11 - - - -

Trinidad and Tobago ..... 609 608 484 124 - 1 1 1 -

Other Caribbean 5 ....... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Total Caribbean ......... 386,385 330,256 55,249 264,263 10,744 225 56,129 55,674 455 

See footnotes at end of table. 
78 CAP I TAL MOVEMENTS 

TA BLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 2000, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Re porting banks’ own claims 

On foreign Mem o ran dum Claims of banks’ domes tic custom ers

pub lic bor­ row ers and Pay able in Cus tomers’ Pay able in

To tal banks’ un af fil i ated On own for- for eign li a bil ity on Pay able in for eign To tal claims own claims for eign ers eign offices cur ren cies ac cep tan ces To tal dol lars cur ren cies 

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Asia: 

China: 

Mainland ............. 1,668 1,616 1,215 391 10 16 52 52 -

Taiwan .............. 2,719 2,306 575 1,672 59 2 413 94 319 

Hong Kong............. 7,392 7,087 4,308 2,407 372 30 305 265 40 

India .................. 2,346 2,185 1,767 411 7 20 161 121 40 

Indonesia .............. 1,944 1,937 1,836 78 23 7 7 6 1 

Israel ................. 5,588 2,729 2,524 205 - 3 2,859 2,852 7 

Japan ................. 39,320 36,741 6,947 28,162 1,632 41 2,579 1,769 810 

Korea ................. 8,077 7,901 5,411 2,373 117 2,184 176 77 99 

Lebanon............... 39 28 27 1 - 2 11 11 -

Malaysia............... 848 811 644 150 17 - 37 3 34 

Pakistan ............... 165 163 81 82 - - 2 1 1 

Philippines ............. 1,832 1,826 1,707 77 42 16 6 5 1 

Singapore ............. 4,575 4,077 2,152 1,864 61 20 498 486 12 

Syria.................. 12 11 9 - 2 - 1 1 -

Thailand ............... 1,404 1,385 648 733 4 1 19 19 -

Other Asia ............. 11,696 11,458 3,089 7,216 1,153 54 238 234 4 

Total Asia ............ 89,625 82,261 32,940 45,822 3,499 2,396 7,364 5,996 1,368 

Af rica: 

Congo (formerly Zaire).... - - - - - - - - -

Egypt ................. 228 204 198 3 3 34 24 23 1 

Ghana ................ 18 13 13 - - - 5 5 -

Liberia ................ 545 545 545 - - - - - -

Morocco ............... 241 231 203 1 27 - 10 10 -

South Africa ............ 435 390 366 - 24 1 45 10 35 

Other Africa ............ 834 826 734 88 4 3 8 8 -

Total Africa ........... 2,301 2,209 2,059 92 58 38 92 56 36 

Other countries: 

Australia ............... 8,338 6,160 4,046 1,915 199 49 2,178 1,929 249 

New Zealand 7 .......... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

All other ............... 427 375 213 36 126 1 52 36 16 

Total other 

countries............ 8,765 6,535 4,259 1,951 325 50 2,230 1,965 265 

Total foreign

countries .......... 1,184,558 964,060 277,088 630,105 56,867 4,258 220,498 190,716 29,782 

In ter na tional

and regional orgs.: 

International ............ 4,582 4,582 4,582 - - - - - -

European regional ....... - - - - - - - - -

Latin American regional... 104 104 104 - - - - - -

Caribbean regional 8 ..... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Asian regional .......... - - - - - - - - -

African regional ......... - - - - - - - - -

Middle Eastern regional... - - - - - - - - -

Total international 

and regional ......... 4,686 4,686 4,686 - - - - - -

Grand total .......... 1,189,244 968,746 281,774 630,105 56,867 4,258 220,498 190,716 29,782 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugo slav
 

2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other Re pub lic of Mace do nia.
 

Eu rope.” 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com-
 

3 Be fore Janu ary 2001, data included in United Kingdom. bined “Other Latin America and Carib bean.”
 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by the 6 Be fore Janu ary 2001, data for Cayman Islands included in British West Indies.
 

United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states by 7 Be fore Janu ary 2001, data included in “All other.”.
 

the United States are reported under “Other Europe” as follows: since Decem ber 1992 for 8 Before Janu ary 2001, included in “Latin Ameri can regional.”
 
CAP I TAL MOVEMENTS 79 

CHART CM-B.—U.S. Claims on Foreign ers
 Re ported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries
 

In 2000, banking claims on foreign- 400	 

(In billions of dollars) 

ers grew strongly, due to strong

growth in the first and fourth quar­ ters. For the year, claims increased 

$156 billion, primar ily due to a $103

bil lion increase in claims oppo site

Eu rope. 

300	 U.S. banking claims on foreigners, 

excluding long-term securities, are 

concentrated in international 

financial centers. The data on this 

page show that over three-quarters of 

U.S. claims currently are reported 

opposite the United Kingdom, “All 200 other Europe,” and the banking 

centers in the Caribbean. Foreigners 

domiciled in Asia hold less than 10 

percent of U.S. claims, down from 

20 percent at the end of 1996. 

100	 Af ter extremely strong growth in the

mid-1990s, total U.S. banking claims 

on foreign ers leveled off in 1998 and 

1999, growing at only about 5 per- cent per year. In 2000, growth

reached 15 percent, matching the 

growth rate of 1997. 

0 

1996 1997 1998 1999 2000 

All other Europe 

All other Asia 

United Kingdom Ca rib bean banking centers 

Ja pan All other countries 

United Kingdom ................... 129,301 151,645 162,874 172,345 229,523 

All other Europe. .................. 144,459 176,991 213,888 283,430 329,442 

Caribbean banking centers1. ......... 243,575 297,995 304,395 340,917 388,662 

Japan. .......................... 92,172 86,759 55,170 34,627 39,320 

All other Asia...................... 76,413 79,301 63,088 53,267 50,305 

Subtotal ........................ 685,920 792,691 799,415 884,586 1,037,252 

All other countries. ................. 134,995 151,390 175,356 148,542 151,992 

Grand total ..................... 820,915 944,081 974,771 1,033,128 1,189,244 

1

 Includes Baha mas, Bermuda, British West Indies, Nether lands Antil les and Panama. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Coun try 1996 1997 1998 1999 2000 
80 CAP I TAL MOVEMENTS 

SEC TION III.—Sup ple men tary Lia bil i ties and Claims Data 

Re ported by Banks in the United States 

TA BLE CM-III-1.—Dol lar Lia bil i ties to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regu larly Reported Sepa rately 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Total lia bil i ties Total banks’ own claims 

Calen dar year 2000 Calen dar year 2000 

Country 1999 r June r Dec. 1999 r June Dec. 

Other Europe: 

Cyprus .............................. 332 222 140 63 49 42 

Iceland .............................. 63 103 116 11 n.a. 13 

Monaco ............................. 179 224 161 n.a. 132 n.a. 

Other Latin America and Carib bean: 

Aruba ............................... 295 325 366 n.a. n.a. n.a. 

Barbados ............................ 1,693 1,696 1,429 813 1,095 629 

Belize ............................... 103 149 149 n.a. 43 42 

Bolivia .............................. 726 554 807 582 491 367 

Costa Rica ........................... 1,403 1,471 1,402 586 554 647 

Dominica ............................ 66 50 81 13 n.a. 37 

Dominican Republic .................... 1,760 1,445 1,637 787 858 952 

El Salvador........................... 982 1,074 641 965 888 1,030 

French West Indies and French Guiana .... 52 37 51 7 n.a. n.a. 

Haiti ................................ 345 315 297 16 20 53 

Honduras ............................ 1,537 1,713 1,746 328 269 287 

Nicaragua............................ 114 182 130 60 82 98 

Paraguay ............................ 886 931 839 98 92 88 

Suriname ............................ 178 169 172 67 80 50 

Other Asia: 

Afghanistan .......................... 61 49 55 - - -

Burma .............................. 5 8 5 - - -

Jordan .............................. 512 386 392 59 82 66 

Macau .............................. n.a. 91 62 n.a. - n.a. 

Sri Lanka ............................ 221 131 208 n.a. 41 29 

Yemen .............................. 368 399 325 n.a. 1 4 

Other Africa: 

Angola .............................. 203 287 390 n.a. n.a. n.a. 

Cameroon ........................... 19 16 23 8 8 7 

Ethiopia ............................. n.a 135 137 n.a. n.a. n.a. 

Guinea .............................. 28 24 40 - n.a. -

Ivory Coast........................... 55 62 74 n.a. 13 20 

Kenya............................... 228 138 117 22 13 5 

Madagascar .......................... 26 19 n.a. - n.a. n.a. 

Mauritius ............................ 125 137 116 4 13 n.a. 

Mozambique ......................... 110 127 199 3 n.a. n.a. 

Niger ............................... 4 2 3 n.a. n.a. n.a. 

Rwanda ............................. 57 43 66 n.a. n.a. n.a. 

Senegal ............................. 32 44 18 n.a. n.a. 16 

Somalia ............................. 16 13 13 - - -

Sudan .............................. 11 11 12 n.a. n.a. n.a. 

Tanzania ............................ 214 214 295 n.a. n.a. 3 

Tunisia .............................. 124 163 66 n.a. n.a. 100 

Uganda ............................. 121 84 95 n.a. n.a. 1 

Zambia .............................. 52 50 107 n.a. n.a. n.a. 

Zimbabwe ........................... 73 62 56 n.a. n.a. n.a. 

All other: 

New Zealand ......................... 774 370 721 215 129 148 

Papua New Guinea .................... n.a. n.a. n.a. 27 n.a. 27 

Note.—Data repre sent a partial breakdown of the amounts shown for the corre spond ing 

dates for the “Other” geograph ical cate go ries in the regu lar monthly series in the “Treasury

Bul le tin.” 
CAP I TAL MOVEMENTS 81 

SEC TION IV.—Lia bil i ties to, and Claims on, Foreigners

Re ported by Nonbanking Business Enter prises 

in the United States 

TA BLE CM-IV-1.—Total Lia bil i ties and Claims by Type 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar year 1999 2000 

Type of lia bil ity or claim 1996 1997 1998 Dec. Mar. June Sept. Dec. p 

Total liabilities....................... 61,782 57,382 46,570 53,020 53,489 70,534 76,644 74,107 

Payable in dollars .................. 39,542 41,543 36,668 37,605 35,614 47,864 51,451 49,424 

Financial ........................ 11,913 12,630 10,371 13,883 12,858 22,803 26,159 25,246 

Com mer cial: 

Trade payables ................. 11,683 9,599 10,133 11,720 11,267 12,691 12,936 12,236 

Advance receipts and other ........ 15,946 19,314 16,164 12,002 11,489 12,370 12,356 11,942 

Payable in foreign currencies ......... 22,240 15,839 9,902 15,415 17,875 22,670 25,193 24,683 

Financial ........................ 21,136 14,247 8,884 14,097 16,322 21,265 23,736 22,173 

Com mer cial: 

Trade payables ................. 1,037 1,305 845 1,114 1,134 1,073 982 2,069 

Advance receipts and other ........ 67 287 173 204 419 332 475 441 

Total claims ........................ 65,897 68,128 77,462 76,642 84,266 80,725 94,803 90,951 

Payable in dollars .................. 59,156 62,173 72,171 69,170 74,331 72,294 82,872 81,176 

Fi nan cial: 

Deposits ....................... 20,852 21,060 28,549 16,373 21,442 15,361 27,974 21,015 

Other ......................... 12,374 11,806 14,049 18,593 19,659 22,384 20,541 25,142 

Com mer cial: 

Trade receivables................ 23,495 26,157 25,743 30,624 28,512 29,584 29,568 30,745 

Advance payments and other....... 2,435 3,150 3,830 3,580 4,718 4,965 4,789 4,274 

Payable in foreign currencies ......... 6,741 5,955 5,291 7,472 9,935 8,431 11,931 9,775 

Fi nan cial: 

Deposits ....................... 772 1,849 1,650 2,193 1,874 2,101 2,954 2,359 

Other ......................... 3,525 2,244 2,012 3,072 4,823 4,457 6,834 4,515 

Com mer cial: 

Trade receivables................ 2,256 1,379 1,459 1,978 2,931 1,693 1,962 2,713 

Advance payments and other....... 188 483 170 229 307 180 181 188 
82 CAP I TAL MOVEMENTS 

TA BLE CM-IV-2.—Total Lia bil i ties by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar year 1999 2000 

Coun try 1995 1996 1997 1998 Dec Mar. June Sept. Dec p 

Eu rope: 

Austria ...................... 44 67 112 118 112 93 95 131 111 

Belgium-Luxembourg .......... 700 1,111 852 357 171 82 341 370 440 

Bulgaria ..................... 1 2 5 3 - 1 2 1 2 

Czech Republic ............... 26 22 38 105 26 25 26 25 7 

Denmark .................... 138 93 170 132 105 138 131 173 149 

Finland ..................... 179 161 281 83 48 38 47 42 91 

France ...................... 1,480 1,771 2,189 2,017 2,331 2,388 2,413 2,015 2,459 

Germany .................... 2,741 2,836 3,232 3,455 3,105 2,794 2,619 3,155 3,214 

Greece ..................... 89 72 89 120 141 283 223 356 400 

Hungary .................... 9 12 13 3 9 9 5 11 8 

Ireland ...................... 414 449 1,136 1,307 827 1,226 2,513 1,184 1,216 

Italy ........................ 374 911 923 1,177 749 1,312 1,515 1,537 1,773 

Netherlands.................. 966 1,322 933 1,835 2,503 2,618 2,597 2,464 2,315 

Norway ..................... 209 424 242 188 266 126 185 195 286 

Poland ...................... 7 30 7 11 46 52 81 48 42 

Portugal..................... 35 33 36 29 34 19 16 15 16 

Romania .................... 3 9 165 149 159 236 184 180 178 

Russia 1 ..................... 177 105 115 82 251 194 122 34 91 

Spain....................... 171 222 334 546 501 389 478 381 468 

Sweden ..................... 233 204 244 171 158 161 147 145 117 

Switzerland .................. 1,308 1,323 936 654 773 633 702 825 606 

Turkey ...................... 118 129 285 211 384 446 511 543 408 

United Kingdom .............. 13,706 21,464 15,753 9,677 19,592 19,240 24,445 31,552 29,207 

Yugoslavia 2 .................. 6 9 6 8 11 6 7 8 11 

Other Europe ................ 188 165 159 181 201 187 220 196 182 

Total Europe................ 23,322 32,946 28,255 22,619 32,503 32,696 39,625 45,586 43,797 

Canada ...................... 1,672 2,491 3,549 2,083 2,059 2,337 2,767 2,138 2,343 

Latin America 

and Carib bean: 

Argentina.................... 136 272 219 118 169 247 202 186 146 

Bahamas.................... 60 299 157 21 23 10 88 120 37 

Bermuda .................... 352 347 432 299 157 288 1,316 1,559 2,020 

Brazil ....................... 155 274 363 304 271 243 265 299 262 

British West Indies ............ 922 1,044 616 967 540 512 485 520 482 

Chile ....................... 76 160 150 111 64 94 99 61 52 

Colombia .................... 63 123 120 72 141 111 156 76 131 

Cuba ....................... 1 5 - 5 27 22 18 19 20 

Ecuador..................... 26 27 22 19 58 22 70 40 32 

Guatemala .................. 4 12 30 12 6 26 18 20 10 

Jamaica..................... 18 16 18 12 13 46 20 15 16 

Mexico...................... 428 682 591 406 912 827 1,099 1,114 867 

Netherlands Antilles ........... 635 53 23 44 19 15 24 16 32 

Panama..................... 23 12 16 16 67 62 69 27 32 

Peru ....................... 21 44 30 35 28 25 23 25 24 

Trinidad and Tobago ........... 13 144 75 34 15 18 12 11 36 

Uruguay .................... 3 6 20 8 8 7 7 7 27 

Venezuela ................... 223 329 262 204 305 193 239 124 286 

Other Latin America 

and Caribbean .............. 364 393 418 426 379 364 1,271 1,651 1,994 

Total Latin America 

and Caribbean............. 3,523 4,242 3,562 3,113 3,202 3,132 5,481 5,890 6,506 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 83 

TA BLE CM-IV-2.—Total Lia bil i ties by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 1999 2000 

Coun try 1995 1996 1997 1998 Dec. Mar. June Sept. Dec. p 

Asia: 

China: 

Mainland ................... 579 990 1,250 708 627 606 781 526 497 

Taiwan..................... 451 697 936 898 1,175 1,115 1,096 985 970 

Hong Kong ................... 646 610 750 388 223 347 790 430 639 

India ........................ 196 181 170 387 519 355 330 284 309 

Indonesia .................... 350 314 213 154 83 70 89 111 80 

Israel ....................... 99 205 176 228 160 188 185 633 468 

Japan ....................... 8,751 10,483 8,602 7,439 5,751 5,259 8,224 6,780 8,968 

Korea ....................... 1,433 1,558 1,150 945 543 695 2,477 3,165 941 

Lebanon ..................... 61 72 29 27 56 60 55 52 53 

Malaysia..................... 297 586 766 141 118 139 102 238 162 

Pakistan ..................... 80 77 60 33 37 31 85 75 96 

Philippines ................... 60 110 222 169 169 114 104 105 114 

Singapore.................... 819 908 1,252 1,240 917 1,237 2,093 2,785 2,279 

Syria........................ 50 61 23 15 8 6 24 10 27 

Thailand ..................... 392 473 405 362 165 200 218 203 203 

Oil-exporting countries 3 ......... 1,939 2,193 3,138 2,852 2,555 2,312 3,494 3,714 2,843 

Other Asia ................... 206 327 211 141 217 222 271 357 290 

Total Asia .................. 16,409 19,845 19,353 16,127 13,323 12,956 20,418 20,453 18,939 

Af rica: 

Congo (formerly Zaire).......... - - - - 9 10 1 1 -

Egypt ....................... 157 198 90 39 86 100 115 154 166 

Ghana ...................... 16 29 28 9 1 2 3 4 6 

Liberia ...................... - - 1 9 2 2 - 16 18 

Morocco ..................... 24 21 49 41 31 12 10 12 11 

South Africa .................. 42 154 255 189 138 148 141 130 135 

Oil-exporting countries 4 ......... 376 532 408 393 499 536 575 663 475 

Other Africa .................. 154 144 103 142 212 161 138 288 181 

Total Africa ................. 769 1,078 934 822 978 971 983 1,268 992 

Other countries: 

Australia ..................... 461 945 911 949 634 450 294 324 344 

All other ..................... 230 125 810 852 300 910 930 929 898 

Total other 

countries .................. 691 1,070 1,721 1,801 934 1,360 1,224 1,253 1,242 

Total foreign

countries ................ 46,386 61,672 57,374 46,565 52,975 53,452 70,498 76,588 73,819 

In ter na tional

and regional orgs.: 

International .................. 2 55 - - 1 - - - 4 

European regional ............. 60 55 8 5 44 37 36 56 249 

Latin American regional ......... - - - - - - - - 3 

Asian regional ................ - - - - - - - - 31 

African regional ............... - - - - - - - - 1 

Middle Eastern regional ......... - - - - - - - - -

Total international 

and regional ............... 62 110 8 5 45 37 36 56 288 

Grand total ................ 46,448 61,782 57,382 46,570 53,020 53,489 70,534 76,644 74,107 

3 1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Begin ning with series for Decem ber 1992 forward, data are for Russia only. Data for all other Emirates (Trucial States). re pub lics of the former U.S.S.R. are reported under “Other Europe.” 

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recog- 4

 Includes Alge ria, Gabon, Libya and Nige ria.
 

nized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ­
 

ent states by the United States are reported under “Other Europe” as follows: Begin ning in
 

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June
 

1994 for the Former Yugo slav Repub lic of Mace do nia.
 
84 CAP I TAL MOVEMENTS 

TA BLE CM-IV-3.—Total Lia bil i ties by Type and Country, Dec. 31, 2000, Prelim i nary 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Fi nan cial lia bil i ties 

Coun try Total lia bil i ties To tal Pay able in dollars Pay able in foreign Commer cialcur ren cies lia bil i ties 

(1) (2) (3) (4) (5) 

Eu rope: 

Austria ...................... 

Belgium-Luxembourg........... 

Bulgaria ..................... 

Czech Republic ............... 

Denmark .................... 

Finland ...................... 

France ...................... 

Germany .................... 

Greece ...................... 

Hungary ..................... 

Ireland ...................... 

Italy ........................ 

Netherlands .................. 

Norway...................... 

Poland ...................... 

Portugal ..................... 

Romania..................... 

Russia 1 ..................... 

Spain ....................... 

Sweden ..................... 

Switzerland .................. 

Turkey ...................... 

United Kingdom ............... 

Yugoslavia 2 .................. 

Other Europe ................. 

111 17 - 17 94 

440 147 144 3 293 

2 - - - 2 

7 1 1 - 6 

149 7 - 7 142 

91 44 6 38 47 

2,459 1,480 1,092 388 979 

3,214 2,168 1,372 796 1,046 

400 4 4 - 396 

8 1 1 - 7 

1,216 1,044 325 719 172 

1,773 413 94 319 1,360 

2,315 2,016 1,988 28 299 

286 3 3 - 283 

42 9 9 - 33 

16 9 3 6 7 

178 - - - 178 

91 18 9 9 73 

468 249 224 25 219 

117 24 24 - 93 

606 104 86 18 502 

408 9 9 - 399 

29,207 26,362 8,907 17,455 2,845 

11 - - - 11 

182 43 42 1 139 

Total Europe ................ 43,797 34,172 14,343 19,829 9,625 

Canada ....................... 2,343 411 376 35 1,932 

Latin America 

and Carib bean: 

Argentina .................... 

Bahamas .................... 

Bermuda .................... 

Brazil ....................... 

British West Indies ............. 

Chile........................ 

Colombia .................... 

Cuba ....................... 

Ecuador ..................... 

Guatemala ................... 

Jamaica ..................... 

Mexico ...................... 

Netherlands Antilles ............ 

Panama ..................... 

Peru ........................ 

Trinidad and Tobago ........... 

Uruguay ..................... 

Venezuela ................... 

Other Latin America 

and Caribbean............... 

146 59 10 49 87 

37 6 5 1 31 

2,020 1,739 1,739 - 281 

262 148 24 124 114 

482 406 406 - 76 

52 8 8 - 44 

131 2 2 - 129 

20 - - - 20 

32 - - - 32 

10 - - - 10 

16 2 2 - 14 

867 26 13 13 841 

32 9 9 - 23 

32 - - - 32 

24 1 1 - 23 

36 5 5 - 31 

27 - - - 27 

286 2 1 1 284 

1,994 1,712 1,705 7 282 

Total Latin America 

and Caribbean ............. 6,506 4,125 3,930 195 2,381 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 85 

TA BLE CM-IV-3.—Total Lia bil i ties by Type and Country, Dec. 31, 2000, Prelim i nary, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Fi nan cial lia bil i ties 

Pay able in foreign Commer cial

Coun try Total lia bil i ties To tal Payable in dollars cur ren cies lia bil i ties 

(1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland ................... 

Taiwan..................... 

Hong Kong................... 

India ........................ 

Indonesia .................... 

Israel ....................... 

Japan ....................... 

Korea ....................... 

Lebanon..................... 

Malaysia..................... 

Pakistan ..................... 

Philippines ................... 

Singapore.................... 

Syria........................ 

Thailand ..................... 

Other Asia ................... 

497 95 56 39 402 

970 2 2 - 968 

639 432 409 23 207 

309 7 3 4 302 

80 8 5 3 72 

468 248 248 - 220 

8,968 6,216 4,918 1,298 2,752 

941 89 87 2 852 

53 5 5 - 48 

162 1 1 - 161 

96 - - - 96 

114 1 - 1 113 

2,279 813 789 24 1,466 

27 - - - 27 

203 24 1 23 179 

3,133 24 24 - 3,109 

Total Asia .................. 18,939 7,965 6,548 1,417 10,974 

Af rica: 

Congo (formerly Zaire).......... - - - - -

Egypt ....................... 166 6 5 1 160 

Ghana ...................... 6 - - - 6 

Liberia ...................... 18 17 17 - 1 

Morocco ..................... 11 - - - 11 

South Africa .................. 135 16 - 16 119 

Other Africa .................. 656 13 13 - 643 

Total Africa ................. 992 52 35 17 940 

Other countries: 

Australia ..................... 344 79 7 72 265 

All other ..................... 898 615 7 608 283 

Total other countries .......... 1,242 694 14 680 548 

Total foreign countries ....... 73,819 47,419 25,246 22,173 26,400 

In ter na tional and regional orgs.: 

International .................. 

European regional ............. 

Latin American regional......... 

Asian regional ................ 

African regional ............... 

Middle Eastern regional......... 

4 - - - 4 

249 - - - 249 

3 - - - 3 

31 - - - 31 

1 - - - 1 

- - - - -

Total international 

and regional............... 288 - - - 288 

Grand total ................ 74,107 47,419 25,246 22,173 26,688 

1

 Begin ning with series for Decem ber 1992 forward, data for all other repub lics of the former ent states by the United States are reported under “Other Europe” as follows: Begin ning in 

U.S.S.R. are reported under “Other Europe.” De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 

for the Former Yugo slav Repub lic of Mace do nia. 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ-
86 CAP I TAL MOVEMENTS 

TA BLE CM-IV-4.—Total Claims by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar year 1999 2000 

Coun try 1995 1996 1997 1998 Dec. Mar. June Sept. Dec. p 

Eu rope: 

Austria ...................... 114 159 126 146 208 445 257 297 498 

Belgium-Luxembourg........... 424 411 734 899 845 811 742 697 748 

Bulgaria ..................... 29 19 32 11 6 5 13 21 6 

Czech Republic ............... 53 34 42 67 26 37 42 43 67 

Denmark .................... 107 101 155 81 310 197 156 234 229 

Finland ...................... 185 173 211 244 261 249 257 212 224 

France ...................... 2,633 2,338 2,811 3,035 3,203 4,355 3,984 4,398 4,301 

Germany .................... 1,506 1,613 2,041 2,126 2,464 2,703 2,482 2,855 2,830 

Greece ...................... 193 148 386 316 487 482 441 327 332 

Hungary ..................... 50 17 62 66 54 50 54 47 47 

Ireland ...................... 290 274 277 244 340 434 494 589 616 

Italy ........................ 1,029 1,039 1,466 1,257 1,284 1,268 1,190 1,193 1,114 

Netherlands .................. 969 1,055 1,274 1,342 2,658 3,318 3,226 3,796 3,125 

Norway...................... 169 251 303 165 273 192 201 252 308 

Poland ...................... 78 108 124 111 62 70 61 66 67 

Portugal ..................... 64 92 78 153 91 91 121 106 83 

Romania..................... 16 14 7 20 11 11 15 9 16 

Russia 1 ..................... 300 239 221 232 293 369 398 340 373 

Spain ....................... 537 645 623 527 715 766 905 903 860 

Sweden ..................... 288 372 504 565 339 358 321 368 360 

Switzerland .................. 1,018 1,116 988 897 1,253 1,223 1,187 1,310 1,462 

Turkey ...................... 256 222 379 236 464 705 591 419 700 

United Kingdom ............... 6,959 10,868 13,997 12,535 13,388 14,398 16,597 21,384 20,402 

Yugoslavia 2 .................. 13 6 11 14 17 17 45 37 15 

Other Europe ................. 153 214 267 251 360 353 402 289 291 

Total Europe ................ 17,433 21,528 27,119 25,540 29,412 32,907 34,182 40,192 39,074 

Canada ....................... 4,802 5,607 5,973 5,120 5,310 6,263 9,049 10,470 8,081 

Latin America 

and Carib bean: 

Argentina .................... 396 617 688 893 896 855 891 826 1,108 

Bahamas .................... 1,995 1,588 2,335 427 1,613 1,314 703 1,433 1,390 

Bermuda .................... 353 415 352 575 401 415 415 409 395 

Brazil ....................... 1,728 2,771 2,475 1,859 2,381 2,495 2,560 2,549 2,783 

British West Indies ............. 10,472 15,726 10,571 24,492 12,280 15,909 7,802 15,777 12,733 

Chile........................ 248 374 327 320 263 387 313 329 298 

Colombia .................... 413 422 424 279 349 324 335 326 350 

Cuba ....................... 1 5 - - - 2 1 - 1 

Ecuador ..................... 123 107 101 103 82 60 57 83 66 

Guatemala ................... 48 98 93 88 85 121 73 93 106 

Jamaica ..................... 41 40 52 45 52 80 34 82 126 

Mexico ...................... 1,547 1,585 1,929 2,790 3,476 3,508 3,613 3,892 3,955 

Netherlands Antilles ............ 32 114 153 37 45 72 97 37 84 

Panama ..................... 156 109 145 173 168 202 194 201 244 

Peru ........................ 221 201 147 183 148 170 112 122 171 

Trinidad and Tobago ........... 36 25 20 55 46 58 45 53 59 

Uruguay ..................... 32 42 49 59 68 70 70 60 35 

Venezuela ................... 317 388 612 456 487 500 544 480 413 

Other Latin America 

and Caribbean............... 705 681 820 1,176 1,325 1,302 2,807 727 842 

Total Latin America 

and Caribbean ............. 18,864 25,308 21,293 34,010 24,165 27,844 20,666 27,479 25,159 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 87 

TA BLE CM-IV-4.—Total Claims by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar year 1999 2000 

Coun try 1995 1996 1997 1998 Dec. Mar. June Sept. Dec. p 

Asia: 

China: 

Mainland ................... 696 992 1,076 825 760 1,018 1,012 1,034 1,086 

Taiwan..................... 532 511 814 770 1,097 1,129 1,345 1,338 1,299 

Hong Kong ................... 454 669 562 331 400 958 861 458 593 

India ........................ 323 402 439 348 599 486 553 664 661 

Indonesia .................... 367 665 704 417 408 386 446 376 407 

Israel ....................... 267 323 347 327 336 419 527 393 479 

Japan ....................... 2,741 3,038 2,799 2,875 5,336 4,103 3,292 3,800 4,422 

Korea ....................... 933 822 988 1,084 1,378 1,481 1,432 1,542 1,745 

Lebanon..................... 48 41 37 26 14 22 25 40 36 

Malaysia..................... 496 560 547 492 516 513 672 733 743 

Pakistan ..................... 42 99 44 37 23 32 110 23 37 

Philippines ................... 123 245 144 148 258 235 141 127 106 

Singapore.................... 573 781 779 734 1,041 825 984 832 1,065 

Syria........................ 12 7 11 12 5 10 5 8 11 

Thailand ..................... 199 288 280 489 651 208 192 153 344 

Oil-exporting countries 3......... 977 993 1,118 1,144 1,648 1,562 1,283 1,284 1,104 

Other Asia ................... 108 161 157 160 152 144 216 183 195 

Total Asia .................. 8,891 10,597 10,846 10,219 14,622 13,531 13,096 12,988 14,333 

Af rica: 

Congo (formerly Zaire).......... 11 13 3 1 - - 2 2 -

Egypt ....................... 160 155 286 136 186 192 236 223 266 

Ghana ...................... 16 15 9 14 6 25 28 26 5 

Liberia ...................... 13 29 8 11 3 11 8 - 2 

Morocco ..................... 57 27 28 29 35 44 42 27 49 

South Africa .................. 321 277 322 272 323 262 266 272 266 

Oil-exporting countries 4........... 92 180 134 181 186 97 199 395 236 

Other Africa .................. 260 224 209 226 178 317 305 234 258 

Total Africa ................. 930 920 999 870 917 948 1,086 1,179 1,082 

Other countries: 

Australia ..................... 1,310 1,536 1,485 1,398 1,889 2,124 2,105 2,005 2,041 

All other ..................... 270 265 390 286 351 638 536 485 359 

Total other 

countries.................. 1,580 1,801 1,875 1,684 2,240 2,762 2,641 2,490 2,400 

Total foreign

countries ................ 52,500 65,761 68,105 77,443 76,639 84,255 80,720 94,798 90,129 

In ter na tional

and regional orgs.: 

International .................. 8 60 18 15 2 10 - - 80 

European regional ............. 1 58 5 3 - - 4 4 628 

Latin American regional ......... - 2 - - - - - - 39 

Asian regional ................ - 13 - - - - - - 67 

African regional ............... - 3 - 1 1 1 1 1 1 

Middle Eastern regional ......... - - - - - - - - 7 

Total international 

and regional ............... 9 136 23 19 3 11 5 5 822 

Grand total ................ 52,509 65,897 68,128 77,462 76,642 84,266 80,725 94,803 90,951 

1

 Begin ning with series for Decem ber 1992 forward, data are for Russia only. Data for all other for the Former Yugo slav Repub lic of Mace do nia.
 

re pub lics of the former U.S.S.R. are reported under “Other Europe.” 3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates
 

(Trucial States). 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recog- 4

 Includes Alge ria, Gabon, Libya and Nige ria. nized by the United States. Data for enti ties of the former Yugo sla via recog nized as independent states by the United States are reported under “Other Europe” as follows: Begin ning in 

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 
88 CAP I TAL MOVEMENTS 

TA BLE CM-IV-5.—Total Claims by Type and Country, Dec. 31, 2000, Prelim i nary 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Finan cial claims 

Coun try Total claims Total Denom i nated in dollars 

De nom i nated in foreign Commer cial

cur ren cies claims 

(1) (2) (3) (4) (5) 

Eu rope: 

Austria ...................... 

Belgium-Luxembourg........... 

Bulgaria ..................... 

Czech Republic ............... 

Denmark .................... 

Finland ...................... 

France ...................... 

Germany .................... 

Greece ...................... 

Hungary ..................... 

Ireland ...................... 

Italy ........................ 

Netherlands .................. 

Norway...................... 

Poland ...................... 

Portugal ..................... 

Romania..................... 

Russia 1 ...................... 

Spain ....................... 

Sweden ..................... 

Switzerland .................. 

Turkey ...................... 

United Kingdom ............... 

Yugoslavia 2 ................... 

Other Europe ................. 

498 427 426 1 71 

748 296 284 12 452 

6 - - - 6 

67 16 16 - 51 

229 112 112 - 117 

224 2 - 2 222 

4,301 1,206 1,043 163 3,095 

2,830 848 493 355 1,982 

332 242 241 1 90 

47 2 1 1 45 

616 313 311 2 303 

1,114 286 258 28 828 

3,125 1,396 840 556 1,729 

308 206 192 14 102 

67 5 - 5 62 

83 2 1 1 81 

16 - - - 16 

373 100 100 - 273 

860 352 328 24 508 

360 132 125 7 228 

1,462 699 673 26 763 

700 499 498 1 201 

20,402 15,900 12,920 2,980 4,502 

15 - - - 15 

291 95 80 15 196 

Total Europe ................ 39,074 23,136 18,942 4,194 15,938 

Canada ....................... 8,081 4,576 3,930 646 3,505 

Latin America 

and Carib bean: 

Argentina .................... 

Bahamas .................... 

Bermuda .................... 

Brazil ....................... 

British West Indies ............. 

Chile........................ 

Colombia .................... 

Cuba ....................... 

Ecuador ..................... 

Guatemala ................... 

Jamaica ..................... 

Mexico ...................... 

Netherlands Antilles ............ 

Panama ..................... 

Peru ........................ 

Trinidad and Tobago ........... 

Uruguay ..................... 

Venezuela ................... 

Other Latin America 

and Caribbean............... 

1,108 498 484 14 610 

1,390 1,353 1,348 5 37 

395 19 19 - 376 

2,783 1,827 1,808 19 956 

12,733 12,596 12,596 - 137 

298 27 26 1 271 

350 91 84 7 259 

1 - - - 1 

66 11 10 1 55 

106 25 23 2 81 

126 52 50 2 74 

3,955 2,448 2,408 40 1,507 

84 43 43 - 41 

244 22 21 1 222 

171 7 7 - 164 

59 4 2 2 55 

35 9 2 7 26 

413 87 60 27 326 

842 198 185 13 644 

Total Latin America 

and Caribbean ............. 25,159 19,317 19,176 141 5,842 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 89 

TA BLE CM-IV-5.—Total Claims by Type and Country, Dec. 31, 2000, Prelim i nary, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Finan cial claims 

Coun try Total claims Total Denom i nated in dollars 

De nom i nated in foreign Commer cial

cur ren cies claims 

(1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland ................... 

Taiwan..................... 

Hong Kong ................... 

India ........................ 

Indonesia .................... 

Israel........................ 

Japan ....................... 

Korea ....................... 

Lebanon ..................... 

Malaysia ..................... 

Pakistan ..................... 

Philippines ................... 

Singapore .................... 

Syria ........................ 

Thailand ..................... 

Other Asia ................... 

1,086 231 223 8 855 

1,299 256 41 215 1,043 

593 242 125 117 351 

661 326 290 36 335 

407 143 142 1 264 

479 124 121 3 355 

4,422 1,631 267 1,364 2,791 

1,745 726 725 1 1,019 

36 - - - 36 

743 452 379 73 291 

37 4 4 - 33 

106 16 15 1 90 

1,065 221 211 10 844 

11 - - - 11 

344 188 186 2 156 

1,299 137 134 3 1,162 

Total Asia................... 14,333 4,697 2,863 1,834 9,636 

Af rica: 

Congo (formerly Zaire) .......... - - - - -

Egypt ....................... 266 166 161 5 100 

Ghana....................... 5 - - - 5 

Liberia....................... 2 - - - 2 

Morocco ..................... 49 1 1 - 48 

South Africa .................. 266 73 73 - 193 

Other Africa .................. 494 171 168 3 323 

To tal Africa ................. 1,082 411 403 8 671 

Other countries: 

Australia ..................... 2,041 753 713 40 1,288 

All other ..................... 359 134 123 11 225 

Total other 

countries .................. 2,400 887 836 51 1,513 

Total foreign

countries................. 90,129 53,024 46,150 6,874 37,105 

In ter na tional

and regional orgs.: 

International .................. 

European regional ............. 

Latin American regional ......... 

Asian regional................. 

African regional ............... 

Middle Eastern regional ......... 

80 - - - 80 

628 - - - 628 

39 - - - 39 

67 - - - 67 

1 - - - 1 

7 7 7 - -

Total international 

and regional ............... 822 7 7 - 815 

Grand total ................ 90,951 53,031 46,157 6,874 37,920 

1 Be gin ning with series for Decem ber 1992 forward, data for all other repub lics of the former ent states by the United States are reported under “Other Europe” as follows: Begin ning in 

U.S.S.R. are reported under “Other Europe.” De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recog- for the Former Yugo slav Repub lic of Mace do nia. 

nized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ-
90 CAP I TAL MOVEMENTS 

CHART CM-C.—Net Purchases of Long-Term
 

Do mes tic Secu ri ties by For eigners, Selected Countries
 

U.S. banks, brokers and other persons 

300 

(In billions of dollars) 

Note: To facil i tate compar i son of net pur­ chases during 2001 with those in prior years, the chart depicts data for all peri ods at an

an nu al ized rate. 

re port foreign ers’ transac tions in 

long-term U.S. secu ri ties (that is, U.S.

Trea sury and Govern ment agency

bonds and notes, and U.S. corpo rate

bonds and stocks), which are con­ 250 ducted largely through inter na tional

fi nan cial centers. The data on this 

page present aggre gate net purchases 

on an annual basis for 1997 through

2000, as well as activ ity for the first 200 quar ter of 2001. The figures show that

for eign ers’ annual net purchases 

(gross purchases minus gross sales) of

U.S. secu ri ties have maintained an ex150 tremely high level since 1997. 

An nual net foreign purchases of U.S.

se cu ri ties first surpassed $100 billion 

in 1993. In 2000, net foreign pur­ 100 chases of U.S. secu ri ties set a new re- cord, surpass ing the previ ous one set 

in 1997. For the year, net purchases 

amounted to $456 billion, of which 

$294 billion was reported oppo site 50 Eu rope. Net purchases accel er ated in 

the first quarter of 2001, total ing $155

bil lion. 

0 Over the past few years, the compo si­ tion of foreign ers’ net purchases has 

1997 1998 1999 2000 2001 changed dramat i cally. In the 

Jan. - Mar. mid-1990s, the major ity of foreign ers’ 

net purchases consisted of U.S. Trea­ sury bonds and notes. Since 1997,

how ever, foreign ers increas ingly have 

turned to other long-term secu ri ties.

In fact, in 2000, foreign ers purchased

re cord amounts of corpo rate bonds,

agency bonds and corpo rate stocks. 

United Kingdom Ca rib bean banking centers 

Ja pan All other Asia All other countries 

All other Europe 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Coun try 1997 1998 1999 2000 

2001 

Jan. - Mar. 

United Kingdom. ................... 174,918 137,970 129,014 165,219 67,332 

All other Europe .................... 104,375 84,047 71,492 128,437 30,900 

Caribbean banking centers 1, 2. ........ 24,999 11,738 43,142 19,882 9,022 

Japan ............................ 34,504 20,261 43,366 51,492 4,017 

All other Asia....................... 26,669 11,050 34,168 52,151 26,603 

Subtotal ......................... 365,465 265,066 321,182 417,181 137,874 

All other countries. .................. 22,514 12,725 28,979 39,163 17,145 

Grand total ...................... 387,979 277,791 350,161 456,344 155,019 

1

 Includes Baha mas, Bermuda, British West Indies, Nether lands Antil les and Panama. 2

 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in report ing format. 
CAP I TAL MOVEMENTS 91 

SEC TION V.—U.S. Inter na tional Transac tions in Long-Term Secu ri ties 

TA BLE CM-V-1.—U.S. Transac tions with Foreigners in Long-Term Domes tic Secu ri ties by Type 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Mar ket able Treasury bonds and notes 

Net foreign purchases U.S. Govern ment corpo ra tions and

For eign countries fed erally sponsored agencies 

Cal en dar Of fi cial Other In ter na tional Gross foreign Gross foreign Net foreign Gross foreign Gross foreign year or month To tal in sti tu tions for eign ers and regional pur chases sales purchases pur chases sales 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

1997............ 184,171 43,959 139,729 483 4,865,145 4,680,974 49,853 259,296 209,443 

1998............ 49,039 4,123 42,447 2,469 5,154,155 5,105,116 56,802 524,384 467,582 

1999............ -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800 

2000............ -53,790 -6,302 -47,028 -460 3,874,560 3,928,350 152,841 728,931 576,090 

2001 - Jan. - Mar. p .... 2,804 3,142 158 -496 1,330,536 1,327,732 42,380 271,129 228,749 

2000 - Mar ........ -16,871 -569 -16,523 221 374,673 391,544 14,744 59,366 44,622 

Apr ........ 14,520 6,403 8,081 36 335,420 320,900 9,017 61,185 52,168 

May ........ -7,018 -1,405 -5,415 -198 330,828 337,846 13,871 57,950 44,079 

June ........ -17,932 -1,412 -16,185 -335 291,954 309,886 6,468 53,147 46,679 

July ........ -6,061 -639 -5,107 -315 238,934 244,995 10,178 53,485 43,307 

Aug ........ -114 449 -567 4 261,054 261,168 16,311 61,079 44,768 

Sept ........ -8,516 -6,626 -2,115 225 288,657 297,173 16,397 64,605 48,208 

Oct. r ........ -3,037 -7,150 3,928 185 355,253 358,290 18,186 64,319 46,133 

Nov ........ -14,106 -4,967 -8,992 -147 303,634 317,740 18,343 72,605 54,262 

Dec ........ -9,789 1,068 -10,972 115 336,144 345,933 9,930 75,999 66,069 

2001- Jan ......... -9,064 2,226 -10,757 -533 471,956 481,020 13,308 86,184 72,876 

Feb. p ....... 7,011 667 6,305 39 410,898 403,887 9,486 80,374 70,888 

Mar. p ....... 4,857 249 4,610 -2 447,682 442,825 19,586 104,571 84,985 

Cor po rate and other secu ri ties 

Bonds 1 Stocks 

Cal en dar

year or month 

Net foreign pur chases Gross foreign pur chases Gross foreign Net foreign sales pur chases Gross foreign pur chases Gross foreign sales 

(10) (11) (12) (13) (14) (15) 

1997 ......................... 84,358 350,873 266,515 69,597 1,097,958 1,028,361 

1998 ......................... 121,930 381,262 259,332 50,020 1,573,696 1,523,676 

1999 ......................... 160,392 368,692 208,300 107,522 2,340,659 2,233,137 

2000 ......................... 182,403 477,731 295,328 174,890 3,605,196 3,430,306 

2001 - Jan. - Mar. p ................. 68,158 183,423 115,265 41,677 846,279 804,602 

2000 - Mar ...................... 14,795 46,816 32,021 24,232 402,373 378,141 

Apr ...................... 8,687 27,370 18,683 3,304 309,778 306,474 

May ...................... 7,677 31,810 24,133 6,313 268,500 262,187 

June ..................... 25,735 54,173 28,438 17,793 300,356 282,563 

July ...................... 10,392 34,095 23,703 15,573 271,572 255,999 

Aug ...................... 21,983 46,729 24,746 24,273 286,819 262,546 

Sept ..................... 13,762 41,779 28,017 8,559 297,677 289,118 

Oct ...................... 13,156 38,709 25,553 16,336 339,995 323,659 

Nov ...................... 18,747 42,081 23,334 9,054 284,909 275,855 

Dec ...................... 17,831 41,905 24,074 11,127 286,161 275,034 

2001- Jan ...................... 13,659 52,110 38,451 23,944 301,650 277,706 

Feb. p..................... 28,392 66,296 37,904 9,678 259,101 249,423 

Mar. p..................... 26,107 65,017 38,910 8,055 285,528 277,473 

1 

Data include transac tions in directly placed issues abroad by U.S. corpo ra tions and 

is sues of States and munici pali ties. 
92 CAP I TAL MOVEMENTS 

TA BLE CM-V-2.—U.S. Transac tions with Foreigners in Long-Term Foreign Secu ri ties by Type 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Net foreign pur­ For eign bonds For eign stocks 

chases of for­ Net foreign pur­ Gross foreign Net foreign pur­ Gross foreign Cal en dar eign secu ri ties chases from pur chases from Gross foreign chases from pur chases from 

year or month from U.S. U.S. U.S. sales to U.S. U.S. U.S. 

Gross foreign 

sales to U.S. 

(1) (2) (3) (4) (5) (6) (7) 

1997................. 

1998................. 

1999................. 

2000 ................ 

2001 - Jan. - Mar. p ......... 

2000 - Mar ............. 

Apr.............. 

May ............. 

June ............. 

July ............. 

Aug ............. 

Sept. r ............ 

Oct. r............. 

Nov ............. 

Dec ............. 

2001 - Jan.............. 

Feb. p ............ 

Mar. p ............ 

-89,083 -48,144 1,451,731 1,499,875 -40,939 756,018 796,957 

-11,137 -17,349 1,328,250 1,345,599 6,212 929,569 923,357 

9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663 

-13,175 -3,878 959,408 963,286 -9,297 1,802,452 1,811,749 

-19,604 350 342,930 342,580 -19,954 413,215 433,169 

-12,045 -3,776 84,033 87,809 -8,269 179,305 187,574 

817 792 63,921 63,129 25 154,830 154,805 

12,718 4,244 79,536 75,292 8,474 146,766 138,292 

2,460 5,751 82,953 77,202 -3,291 152,855 156,146 

-21,458 -6,488 68,425 74,913 -14,970 136,467 151,437 

-2,140 -2,812 74,803 77,615 672 142,850 142,178 

10,482 265 92,179 91,914 10,217 148,664 138,447 

-432 -3,443 98,519 101,962 3,011 152,872 149,861 

13,997 8,434 94,938 86,504 5,563 141,600 136,037 

-4,370 -1,175 83,721 84,896 -3,195 135,417 138,612 

-4,300 -1,360 120,666 122,026 -2,940 148,111 151,051 

669 3,160 104,820 101,660 -2,491 130,972 133,463 

-15,973 -1,450 117,444 118,894 -14,523 134,132 148,655 
CAP I TAL MOVEMENTS 93 

TA BLE CM-V-3.—Net Foreign Transac tions in Long-Term Domes tic Secu ri ties 

by Type and Country 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Mar ket able Treasury U.S. Govern ment corpo ra tions 

bonds and notes and Federal agency bonds Cor po rate bonds Cor po rate stocks 

2000 2001 2000 2001 2000 2001 2000 2001 

Cal en dar Oct. Jan. Cal en dar Oct. Jan. Cal en dar Oct. Jan. Cal en dar Oct. Jan. 

year through through year through through year through through year through through Coun try 2000 Dec. Mar. p 2000 Dec. Mar. p 2000 Dec. Mar. p 2000 Dec. Mar. p 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

Eu rope: 

Luxembourg 

Austria ......... -613 -33 -452 813 371 -331 360 125 150 1,076 143 372 

Belgium 1 ........ 73 277 -517 1,318 38 77 9,451 4,218 600 18,218 3,899 1,261 

Bulgaria ........ -10 5 106 - - - - -1 41 - -1 46 

Czech Republic .... 606 363 487 774 729 - 186 154 25 14 12 -2 

Denmark ........ -1,373 -954 -129 965 543 137 409 222 440 3,162 870 1,686 

Finland......... 368 294 -525 272 -77 28 341 90 93 836 272 110 

France ......... -4,146 -1,467 -225 58 320 1,428 2,158 437 899 5,727 2,205 3,153 

Germany........ -7,304 -1,826 -2,817 2,489 305 3,010 1,578 587 1,703 31,752 3,148 3,771 

Greece......... -371 3 224 133 -101 -15 78 32 7 804 42 54 

Hungary ........ -249 -38 74 140 -4 23 13 13 30 140 133 6 

Ireland ......... 1,047 -566 -1,104 1,577 215 233 2,352 315 173 4,926 798 731 

Italy .......... 2,069 -59 -860 816 9 -384 308 33 239 12,230 1,701 1,754 1 ..... n.a. n.a. 19 n.a. n.a. -66 n.a. n.a. 1,267 n.a. n.a. 1,494 

Netherlands ...... 2,140 -1,175 -1,689 1,365 973 260 -235 333 992 4,915 1,879 4,375 

Norway ........ 1,179 528 -505 -365 -519 255 120 -262 22 3,018 426 603 

Poland ......... -1,526 -236 -1,087 121 12 350 26 21 26 38 7 -3 

Portugal ........ 1,568 672 483 35 33 62 -28 -3 135 96 -15 39 

Romania ........ 239 32 111 176 103 -286 - - - 1 -1 -

Russia 2 ........ 379 4 331 41 -14 648 -23 1 1 141 32 -3 

Spain ......... -802 -2,213 -740 7,176 593 423 42 12 127 4,271 209 378 

Sweden ........ 1,082 106 -1,814 598 109 265 1,292 352 96 2,489 277 825 

Switzerland ...... -10,326 -294 796 1,554 29 968 2,279 715 1,702 11,960 -794 2,082 

Turkey ......... 1,104 -385 -918 1,216 6 2 -721 -1 -18 65 -7 3 

United Kingdom .... -33,669 -14,027 8,069 30,185 11,235 10,493 109,967 27,045 37,306 58,736 17,266 11,464 

Channel Islands and 

Isle of Man 3 .... n.a. n.a. 56 n.a. n.a. -131 n.a. n.a. 457 n.a. n.a. -155 

Yugoslavia 4 ...... - n.a. n.a. - n.a. n.a. 32 n.a. n.a. -5 n.a. n.a. 

Other Europe ..... -2,169 -559 2,641 1,278 302 -177 -3,014 399 407 44 -197 

Total Europe ..... -50,704 -21,548 15 52,735 15,210 17,272 126,971 34,837 46,920 164,654 32,304 34,025 

Canada ......... -308 -2,505 -2,793 10,111 1,676 1,382 3,176 814 336 5,956 3,139 4,422 

Latin America: 

Argentina ....... -3,374 -239 1,335 899 148 1,269 725 155 127 746 116 61 

Brazil.......... 846 1,121 2,591 903 60 1,209 -79 -18 16 136 -90 -39 

Chile .......... 68 -87 -119 147 16 -5 -114 16 77 325 50 31 

Colombia ....... 842 537 97 -92 16 76 549 59 230 210 75 24 

Ecuador ........ -727 -1 4 40 3 -1 79 27 36 48 9 29 

Guatemala ....... - -9 -17 16 3 2 33 2 17 30 3 -9 

Mexico ......... 2,425 -1,343 2,254 2,838 925 702 1,090 336 573 394 196 -36 

Panama ........ -57 -35 -123 484 101 156 379 19 149 368 -78 -131 

Peru .......... -18 - 9 486 125 120 22 2 11 46 7 2 

Uruguay ........ -345 56 -138 192 49 2 229 22 75 243 71 92 

Venezuela ....... 1,288 703 377 2,152 788 72 298 46 116 301 -164 -1 

Other Latin America 5 . -844 -254 -36 2,371 486 434 1,049 93 189 259 75 -33 

Total Latin America . 104 449 6,234 10,436 2,720 4,036 4,260 759 1,616 3,106 270 -10 

Ca rib bean: 

Bahamas ....... 353 790 538 -4 -107 92 640 244 173 -1,335 -1,840 645 

Bermuda ........ -7,351 -3,427 -1,565 6,131 430 931 10,881 1,697 3,444 -10,052 -3,672 -2,928 

British West Indies 6 .. -3,386 2,911 n.a. 11,439 4,905 n.a. 12,972 4,316 n.a. -970 -4,617 n.a. 

Cayman Islands 6 ... n.a. n.a. 2,689 n.a. n.a. 1,512 n.a. n.a. 7,407 n.a. n.a. -483 

Cuba .......... - n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a. 

Jamaica ........ 7 5 6 -7 31 -115 37 - 2 35 12 1 

Netherlands Antilles .. 5,379 2,486 -4,072 1,782 532 -430 846 203 274 -8,617 -300 744 

Trinidad and Tobago . -20 -3 17 16 4 -9 14 10 56 21 9 -7 

Other Caribbean 5 ... n.a. n.a. 2,903 n.a. n.a. -1,060 n.a. n.a. 1,700 n.a. n.a. -960 

Total Caribbean ... -5,018 2,762 516 19,357 5,795 921 25,390 6,470 13,056 -20,918 -10,408 -2,988 

See footnotes at end of table. 

-19 
94 CAP I TAL MOVEMENTS 

TA BLE CM-V-3.—Net Foreign Transac tions in Long-Term Domes tic Secu ri ties 

by Type and Country, con. 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Mar ket able Treasury 

bonds and notes 

U.S. Govern ment corpo ra tions 

and Federal agency bonds Cor po rate bonds Cor po rate stocks 

2000 2001 2000 2001 2000 2001 2000 2001 

Coun try 

Cal en dar 

year

2000 

Oct. 

through

Dec. 

Jan. 

through

Mar. p 

Cal en dar 

year

2000 

Oct. 

through

Dec. 

Jan. 

through

Mar. p 

Cal en dar 

year

2000 

Oct. 

through

Dec. 

Jan. 

through

Mar. p 

Cal en dar 

year

2000 

Oct. 

through

Dec. 

Jan. 

through

Mar. p 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

Asia: 

China: 

Mainland ...... Taiwan ....... -3,971 

-10,089 

-2,579 

-4,278 

2,671 

2,471 

18,819 

3,877 

6,390 

1,706 

8,249 

509 

808 

972 

158 

415 

1,333 

547 

-103 

-147 

1 

-82 

-22 

55 

Hong Kong ...... India ......... Indonesia ...... -341 

1,409

227 

1,297 

380 

-687 

2,329 

969 

-1,583 

8,669 

119 

8 

1,358 

122 -

3,931 

-20 

-1 

1,853 

28 

15 

800 

3 

11 

1,470 

9 

23 

215 

-6 

158 

-131 

-24 

5 

182 

11 

25 

Israel ......... 671 624 2,409 772 147 108 542 141 99 -1,102 -124 -167 

Japan ........ Korea ........ 10,580

4,827 

2,198

1,838 

-4,219

758 

23,802

1,807 

10,586

-667 

7,759

-2,876 

15,040

-795 

3,471

-19 

-365 

71 

2,070

-160 

4,917

-16 

842 

-16 

Lebanon ....... -174 -1 16 1 - 1 1 -2 5 249 54 17 

Malaysia ....... Pakistan ....... -219 

-2 

-307 

-1 

-87 

40 

25 

1 

9 

- -5 - 106 1 

-5 

- 4 - 3 45 

10 

6 

-14 

-12 

Philippines ...... Singapore ...... Syria ......... Thailand ....... Oil-exporting 722 

-6,167 - 1,202 

64 

-3,659 - 407 

159 

-4,488 - 346 

-67 

317 

1 

-16 

-109 

883 -

2 

83 

51 

1 

2 

213 

1,276 

1 

51 

121 

92 

-

25 

118 

1,306 -

33 

17 

10,788 

28 

-58 

-25 

5,779 

2 

-5 

-32 

5,655 

-9 

-3 

countries 7 ..... 3,482 -1,564 -2,135 477 434 945 1,565 1,026 847 9,189 1,371 152 

Other Asia ...... -519 -167 49 15 -52 -20 18 3 -58 497 234 92 

Total Asia ..... 1,638 -6,435 -295 58,627 20,809 18,717 21,695 6,240 5,442 21,683 11,972 6,756 

Af rica: 

Congo (formerly Zaire)

Egypt......... Ghana ........ 

- -324 -n.a. 2 

n.a. 

- -35 

n.a. 

-

11 

-

n.a. 

14 

n.a. 

-

- n.a. 

-2 

-14 

-

n.a. 

-10 

n.a. 

-1 

6 

n.a. 

-9 

-40 

-

n.a. 2 

n.a. 

-

-21 

n.a. Liberia ........ 323 -17 -70 772 5 -2 17 20 4 -20 -4 -289 

Morocco ....... -230 -60 - 4 - 50 -2 - - -6 -1 -3 

South Africa ..... -35 -15 -40 -53 4 1 -37 -14 47 271 5 39 

Oil-exporting

countries 8 ..... - - -4 -2 - - 3 - -1 63 10 -47 

Other Africa ..... -148 24 34 176 108 -111 65 32 125 156 -4 104 

Total Africa ..... -414 -66 -115 908 131 -62 30 28 180 415 8 -217 

Other countries: 

Australia ....... New Zealand 9 .... 1,435 

n.a. 290 n.a. -326 20 

495 

n.a. 157 n.a. 116 9 

169 

n.a. 173 n.a. 153 -22 

1,437 

n.a. 258 n.a. -389 8 

All other ....... -63 -32 44 216 148 62 738 372 242 -1,432 -992 -65 

Total other 

countries ..... 1,372 258 -262 711 305 187 907 545 373 5 -734 -446 

Total foreign

countries .... -53,330 -27,085 3,300 152,885 46,646 42,453 182,429 49,693 67,923 174,901 36,551 41,542 

In ter na tional

and regional orgs.: 

International ..... -483 -83 -480 -45 -186 -82 -5 58 230 -47 -20 142 

European regional .. -122 -2 -10 -5 - - -46 -46 18 - - - Latin American 

regional ...... 76 33 7 9 -1 -6 -5 -1 - 100 -14 -4 

Caribbean regional 10 n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a. - Asian regional .... 63 203 -38 2 - - - - - 2 -1 -3 

African regional ... 2 2 25 - - 15 30 30 -13 -2 - - Middle Eastern 

regional ...... 4 - n.a. -5 - n.a. - - n.a. -64 1 n.a. 

Total international 

and regional ... -460 153 -496 -44 -187 -73 -26 41 235 -11 -34 135 

Grand total .... -53,790 -26,932 2,804 152,841 46,459 42,380 182,403 49,734 68,158 174,890 36,517 41,677 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com-
 

2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in bined “Other Latin America and Carib bean.”
 

“Other Europe.” 6 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in the data series.
 

3 Be fore Janu ary 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab
 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by Emirates (Trucial States).
 

the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent 8 Includes Alge ria, Gabon, Libya, and Nige ria.
 

states by the United States are reported under “Other Europe” as follows: since Decem ber 9 Before Janu ary 2001, data included in “All other.” 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former 10 Before Janu ary 2001, included in “Latin Ameri can regional.” Yu go slav Repub lic of Mace do nia.
 
CAP I TAL MOVEMENTS 95 

TA BLE CM-V-4.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During First Quarter 2001, Prelim i nary 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. residents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket­ Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas ury U.S. 

and Gov’t. and Gov’t. Fed eral corps. Fed eral corps. Fi nanc­ and fed­ Fi nanc­ and fed­ ing Bank er ally ing Bank er ally To tal bonds spon­ other
 bonds spon­ Cor po rate and 

pur For eign secu ri ties ­ and sored 

Cor po rate and
 For eign secu ri ties To tal and sored other 

Country chases notes agencies Bonds Stocks
 Bonds Stocks sales notes agencies Bonds Stocks Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Eu rope: 

Austria ........ 5,784 2,463 651 207 1,563 342 558 5,701 2,915 982 57 1,191 195 361
 Belgium 1 ....... 15,030 4,701 599 985 6,326 640 1,779 13,450 5,218 522 385 5,065 974 1,286
 Bulgaria ........ 599 240 - 43 285 2 29 393 134 - 2 239 - 18
 Czech Republic .... 3,462 1,716 - 25 26 2 1,693 2,012 1,229 - - 28 - 755
 Denmark ....... 14,939 7,144 1,355 859 3,792 737 1,052 12,739 7,273 1,218 419 2,106 430 1,293
 Finland ........ 6,931 1,642 332 97 450 48 4,362 5,454 2,167 304 4 340 4 2,635
 France ........ 116,414 49,639 2,201 3,070 47,716 1,866 11,922 112,451 49,864 773 2,171 44,563 2,750 12,330
 Germany ....... 100,638 42,078 6,972 2,887 25,578 6,352 16,771 93,720 44,895 3,962 1,184 21,807 5,810 16,062
 Greece ........ 3,615 2,116 160 72 513 267 487 3,287 1,892 175 65 459 124 572
 Hungary ........ 345 164 60 30 25 - 66 201 90 37 - 19 - 55
 Ireland......... 76,238 49,955 2,467 2,063 10,927 4,857 5,969 76,490 51,059 2,234 1,890 10,196 4,164 6,947
 Italy .......... 43,058 11,127 946 812 21,880 2,481 5,812 44,073 11,987 1,330 573 20,126 2,587 7,470
 Luxembourg 1 ..... 23,044 3,205 3,387 2,529 10,157 1,551 2,215 20,429 3,186 3,453 1,262 8,663 746 3,119
 Netherlands ...... 53,975 24,316 2,539 1,994 13,947 2,827 8,352 48,888 26,005 2,279 1,002 9,572 2,866 7,164
 Norway ........ 57,381 47,197 4,025 180 1,936 3,113 930 56,312 47,702 3,770 158 1,333 2,598 751
 Poland ........ 3,225 2,305 627 26 11 192 64 3,969 3,392 277 - 14 187 99
 Portugal ........ 3,999 2,607 109 168 431 161 523 3,511 2,124 47 33 392 110 805
 Romania ....... 900 339 545 - 1 - 15 1,068 228 831 - 1 - 8
 Russia 2 ........ 7,555 3,395 3,933 1 150 29 47 6,635 3,064 3,285 - 153 68 65
 Spain ......... 19,020 8,965 826 274 3,176 1,573 4,206 18,831 9,705 403 147 2,798 1,402 4,376
 Sweden ........ 15,964 5,030 788 566 6,577 216 2,787 16,802 6,844 523 470 5,752 221 2,992
 Switzerland ...... 51,510 10,379 2,667 2,639 25,335 1,481 9,009 48,109 9,583 1,699 937 23,253 1,280 11,357
 Turkey......... 16,107 1,029 2 2 222 14,614 238 17,570 1,947 - 20 219 14,435 949
 United Kingdom .... 1,198,518 506,849 61,372 87,400 201,684 177,000 164,213 1,150,934 498,780 50,879 50,094 190,220 188,882 172,079
 Channel Islands and 
 Isle of Man 3 .... 4,002 389 26 796 2,087 215 489 3,823 333 157 339 2,242 381 371
 Yugoslavia 4 ...... - - - - - - - - - - - - - -
 

Other Europe ..... 14,533 10,593 710 793 1,433 581 423 11,469 7,952 887 386 1,452 370 422
 

Total Europe .... 1,856,786 799,583 97,299 108,518 386,228 221,147 244,011 1,778,321 799,568 80,027 61,598 352,203 230,584 254,341
 

Canada ......... 160,435 83,801 2,971 2,992 37,203 11,410 22,058 153,857 86,594 1,589 2,656 32,781 11,002 19,235 

Latin America: 

Argentina

Brazil ......... 17,387 5,653 2,162 370 487 5,285 3,430 13,271 3,062 953 354 526 4,869 3,507 

Chile ......... Colombia ....... 4,668

2,886 

2,652

863 

33 

575 

230 

544 

549 

253 

883 

623 

321 

28 

4,366

2,088 

2,771

766 

38 

499 

153 

314 

518 

229 

579 

268 

307 

12 

Ecuador ........ 360 7 39 46 221 34 13 256 3 40 10 192 2 9 

Guatemala ...... 231 73 7 46 64 30 11 296 90 5 29 73 27 72 

Mexico ........ 16,682 8,757 804 1,004 1,316 2,341 2,460 12,391 6,503 102 431 1,352 1,653 2,350 

Panama ........ Peru .......... 2,545

417 

317 

13 

310 

145 

357 

18 

935 

85 

491 

67 

135 

89 

3,179

244 

440 

4 

154 

25 

208 

7 

1,066

83 

1,064

37 

247 

88 

Uruguay ........ Venezuela....... 1,514 

2,338 

241 

985 

80 

132 

113 

167 

419 

501 

571 

479 

90 

74 

1,280 

1,784 

379 

608 

78 

60 

38 

51 

327 

502 

383 

469 

75 

94 

....... 14,253 1,552 1,680 299 979 8,998 745 10,386 217 411 172 918 7,894 774
 

Other Latin America 5 . 3,102 375 888 291 1,153 265 130 2,444 411 454 102 1,186 156 135
 

Total Latin America . 66,383 21,488 6,855 3,485 6,962 20,067 7,526 51,985 15,254 2,819 1,869 6,972 17,401 7,670 

Ca rib bean: 

Bahamas 

Bermuda ....... 183,291 53,360 9,728 11,698 77,994 22,749 7,762 184,650 54,925 8,797 8,254 80,922 21,365 10,387 

British West Indies 6 . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Cayman Islands 6 ... Cuba ......... 398,036 - 105,818 - 72,633 - 30,875 - 138,972 - 22,640 - 27,098 - 385,687 103,129 - - 71,121 - 23,468 - 139,455 - 22,551 - 25,963 -

Jamaica ........ 401 164 124 3 34 71 5 499 158 239 1 33 63 5 

Netherlands Antilles.. 58,020 16,440 1,914 1,439 29,554 3,511 5,162 61,013 20,512 2,344 1,165 28,810 2,571 5,611 

Trinidad and Tobago . 241 48 76 69 44 2 2 200 31 85 13 51 9 11 

Other Caribbean 5... 116,867 10,043 1,892 4,458 89,848 1,604 9,022 114,074 7,140 2,952 2,758 90,808 1,138 9,278 

....... 43,765 20,274 671 2,635 10,590 4,502 5,093 42,643 19,736 579 2,462 9,945 4,414 5,507

Total Caribbean ... 800,621 206,147 87,038 51,177 347,036 55,079 54,144 788,766 205,631 86,117 38,121 350,024 52,111 56,762 

See footnotes at end of table. 
96 CAP I TAL MOVEMENTS 

TA BLE CM-V-4.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During First Quarter 2001, Prelim i nary, con. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. residents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket- Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas ury U.S. 

and Gov’t. and Gov’t. Fed eral corps. Fed eral corps. Fi nanc- and fed- Fi nanc- and fed­ ing Bank er ally ing Bank er ally 

pur- and sored other To tal bonds spon- Cor po rate and bonds spon- Cor po rate and

For eign secu ri ties To tal and sored other 

Country chases notes agen cies Bonds Stocks Bonds Stocks sales notes agen cies Bonds Stocks 

For eign secu ri ties 

Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Asia: 

China: 

Mainland ...... 49,102 29,952 15,311 1,472 687 1,544 136 36,495 27,281 7,062 139 709 1,146 158 

Taiwan ....... 11,985 4,094 1,429 615 1,941 1,931 1,975 7,552 1,623 920 68 1,886 191 2,864 

Hong Kong ...... India.......... 61,039 

3,520 

20,851 

2,686 

13,058 

25 

2,142 

9 

5,386 

346 

2,407 

5 

17,195 

449 

53,662 

2,822 

18,522 

1,717 

9,127 

45 

672 - 5,204 

335 

1,825 

3 

18,312 

722 

Indonesia ....... 624 293 - 23 136 77 95 2,080 1,876 1 - 111 3 89 

Israel ......... Japan ......... Korea ......... 7,527 

235,944 

23,111 

3,749 

103,782 

19,952 

327 

35,947 

967 

202 

5,921 

90 

1,903 

22,026 

100 

95 

21,803 

247 

1,251 

46,465 

1,755 

5,295 

237,592 

26,455 

1,340 

108,001 

19,194 

219 

28,188 

3,843 

103 

6,286 

19 

2,070 

21,184 

116 

35 

20,967 

172 

1,528 

52,966 

3,111 

Lebanon........ 530 22 1 6 422 45 34 444 6 - 1 405 11 21 

Malaysia ....... Pakistan........ 461 

95 

50 

40 

8 

- 23 - 80 51 

52 

1 

248 

3 

583 

70 

137 - 13 

- 19 - 94 63 

47 

2 

273 

5 

Philippines ...... Singapore ....... Syria ......... Thailand........ 1,576

51,038 

56 

3,345 

728 

13,940 - 3,093 

155 

4,833 

1 

2 

160 

3,174 -

34 

202 

17,002 

20 

56 

180 

4,350 -

50 

151 

7,739 

35 

110 

1,263

47,045 

74 

3,089 

569 

18,428 - 2,747 

72 

4,782 -

-

42 

1,868 -

1 

234 

11,347 

29 

59 

144 

4,602 - 163 

202 

6,018 

45 

119 

Other Asia....... 22,341 4,919 3,095 1,813 11,176 386 952 22,527 7,005 2,170 1,024 10,932 236 1,160 

Total Asia ...... 472,294 208,151 75,159 15,684 61,534 33,173 78,593 447,048 208,446 56,442 10,242 54,778 29,547 87,593 

Af rica: 

Congo (formerly Zaire)

Egypt ......... Ghana ......... 

5 

154 -

-

12 

-

-

4 

-

-

14 

-

-

97 

-

4 

5 

-

1 

22 

-

1 

211 -

-

47 

-

-

4 

-

1 

8 

-

- 118 --

8 

-

-

- Liberia ......... 372 2 11 24 308 11 16 748 72 13 20 597 22 24 

Morocco........ 64 - 50 - 13 - 1 19 - - - 16 - 3 

South Africa ...... 903 304 15 48 242 2 292 927 344 14 1 203 6 359 

Other Africa ...... 1,743 221 169 213 532 381 227 1,609 191 280 89 475 340 234 

Total Africa ..... 3,241 539 249 299 1,192 403 559 3,515 654 311 119 1,409 376 646 

Other countries: 

Australia........ New Zealand 7..... 21,838 

580 

9,306 

53 

1,034 

9 

680 

21 

5,075 

187 

1,076 

196 

4,667 

114 

22,289 

478 

9,632 

33 

918 - 527 

43 

5,464 

179 

890 

169 

4,858 

All other ........ 1,760 247 430 276 308 275 224 1,510 203 368 34 373 206 326 

Total other 

countries...... 24,178 9,606 1,473 977 5,570 1,547 5,005 24,277 9,868 1,286 604 6,016 1,265 5,238 

Total foreign

countries..... 

In ter na tional and 

re gional orgs.: 

International...... European regional .. Latin American 

regional ....... Caribbean regional 8 . Asian regional..... African regional .... Middle Eastern 

regional ....... Total international 

and regional .... Grand total .... 

3,383,938 1,329,315 271,044 183,132 845,725 342,826 411,896 3,247,769 1,326,015 228,591 115,209 804,183 342,286 431,485 

1,247 513 62 259 376 18 19 1,738 993 144 29 234 284 

1,396 32 - 18 - 78 1,268 1,681 42 - - - 9 1,630 

238 24 8 14 155 8 29 205 17 14 14 159 1 - - - - - - - - - - - - - - - 640 626 - - 12 - 2 679 664 - - 15 - - 41 26 15 - - - - 14 1 - 13 - - -

12 - - - 11 - 1 11 - - - 11 - -

3,574 1,221 85 291 554 104 1,319 4,328 1,717 158 56 419 294 1,684 

3,387,512 1,330,536 271,129 183,423 846,279 342,930 413,215 3,252,097 1,327,732 228,749 115,265 804,602 342,580 433,169 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com-
 

2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in bined “Other Latin America and Carib bean.”
 

“Other Europe.” 6 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in the data series.
 

3 Be fore Janu ary 2001, data included in United Kingdom. 7 Before Janu ary 2001, data included in “All other.”
 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by 8 Before Janu ary 2001, included in “Latin Ameri can regional.”
 

the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent
 

states by the United States are reported under “Other Europe” as follows: since Decem ber
 

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former
 

Yu go slav Repub lic of Mace do nia.
 

26 

54 

54 
CAP I TAL MOVEMENTS 97 

TA BLE CM-V-5.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Calen dar Year 2000 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. residents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket- Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas- U.S. 

and Gov’t. ury and Gov’t. Federal corps. Fed eral corps.

Financ- and fed- Fi nanc- and fed­ ing Bank er ally ing Bank er ally 

pur- and sored other bonds spon- Cor po rate and To tal bonds spon- Cor po rate and 

For eign secu ri ties To tal and sored other 

Coun try chases notes agencies Bonds Stocks Bonds Stocks sales notes agencies Bonds Stocks 

For eign secu ri ties 

Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Europe: 

Austria....... 23,559 9,868 3,211 531 6,632 832 2,485 21,241 10,481 2,398 171 5,556 653 1,982 

Belgium 1 ..... 142,660 19,686 8,563 15,125 77,185 5,673 16,428 109,103 19,613 7,245 5,674 58,967 4,221 13,383 

Bulgaria ...... 132 23 - 1 40 64 4 131 33 - 1 40 34 23 

Czech Republic

Denmark ..... 30,718 10,810 3,235 1,339 9,799 1,403 4,132 27,594 12,183 2,270 930 6,637 940 4,634 

Finland ...... 26,710 7,771 1,324 410 2,243 118 14,844 23,547 7,403 1,052 69 1,407 72 13,544 

France ....... 423,294 162,996 3,748 7,229 194,423 8,082 46,816 419,064 167,142 3,690 5,071 188,696 9,525 44,940 

Germany ..... Greece ...... 319,706 

8,238 

95,317 

3,149 

7,656 

330 

7,395 

98 

122,398 8,921 

3,498 123 

78,019 

1,040 

290,452 

7,610 

102,621 5,167 

3,520 197 

5,817 

20 

90,646 

2,694 

16,760 

239 

69,441 

940 

Hungary ...... Ireland ....... 2,719 

277,763 

1,765 

166,220 

364 

14,857 

13 

5,738 

206 14 

39,391 21,014 

357 

30,543 

2,611 

263,591 

2,014 224 

165,173 13,280 - 3,386 

66 

34,465 

31 

16,353 

276 

30,934 

Italy ........ Luxembourg 1 ... Netherlands .... 199,378 n.a. 171,458 60,593 n.a. 49,307 4,917 

n.a. 

8,282 

2,315 

n.a. 

4,023 

93,298 4,020 n.a. n.a. 61,743 9,690 34,235 n.a. 38,413 181,512 n.a. 168,503 58,524 4,101 n.a. n.a. 47,167 6,917 2,007 

n.a. 

4,258 

81,068 n.a. 56,828 3,638 

n.a. 12,414 

32,174 n.a. 40,919 

Norway ...... 82,679 56,504 12,067 1,224 7,824 2,166 2,894 77,669 55,325 12,432 1,104 4,806 1,221 2,781 

Poland ....... 4,954 3,791 357 26 192 216 372 6,234 5,317 236 - 154 210 317 

Portugal ...... Romania ..... 12,112 

2,437 

6,533 

975 

198 

1,356 

79 

- 3,225 315 55 - 1,762 51 

10,065 

2,018 

4,965 163 

736 1,180 

107 - 3,129 

54 

258 - 1,443 

48 

.. 8,522 5,127 814 186 124 147 2,124 7,359 4,521 40 - 110 133 2,555 

Russia 2 ...... 17,333 3,438 12,650 4 694 221 326 16,870 3,059 12,609 27 553 226 396 

Spain ....... 85,715 36,399 7,750 673 17,695 4,367 18,831 72,859 37,201 574 631 13,424 3,876 17,153 

Sweden ...... 68,705 23,373 1,824 2,323 24,385 1,643 15,157 61,251 22,291 1,226 1,031 21,896 1,355 13,452 

Switzerland .... 231,654 17,344 8,268 5,519 151,784 5,305 43,434 233,022 27,670 6,714 3,240 139,824 4,391 51,183 

Turkey ....... 43,586 4,593 1,216 77 725 32,708 4,267 43,366 3,489 - 798 660 32,896 5,523 

United Kingdom .. 3,923,568 1,589,020 171,218 253,657 734,261 499,333 676,079 3,788,077 1,622,689 141,033 143,690 675,525 531,200 673,940 

Channel Islands 

and Isle of Man 3.. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Yugoslavia 4 .... 71 - - 32 16 6 17 68 - - - 21 - 47 

Other Europe ... 35,144 15,712 2,978 2,237 9,282 1,476 3,459 38,965 17,881 1,700 5,251 9,238 1,392 3,503 

Total Europe... 6,142,815 2,350,314 277,183 310,254 1,561,118 607,857 1,036,089 5,872,782 2,401,018 224,448 183,283 1,396,464 642,038 1,025,531 

Canada ....... 563,423 250,082 16,351 13,093 156,702 45,641 81,554 548,344 250,390 6,240 9,917 150,746 40,707 90,344 

Latin America: 

Venezuela

Argentina ..... 43,997 1,085 1,396 2,071 5,475 29,221 4,749 43,342 4,459 497 1,346 4,729 27,720 4,591 

Brazil ....... 50,586 6,206 1,581 638 3,331 21,029 17,801 51,800 5,360 678 717 3,195 21,853 19,997 

Chile........ 9,150 1,813 277 746 3,208 1,785 1,321 8,819 1,745 130 860 2,883 1,366 1,835 

Colombia ..... 9,133 4,486 694 1,008 1,633 1,131 181 7,379 3,644 786 459 1,423 939 128 

Ecuador ...... 1,087 16 123 115 758 43 32 1,626 743 83 36 710 37 17 

Guatemala .... 747 22 19 93 503 34 76 634 22 3 60 473 22 54 

Mexico ...... 60,857 27,204 3,437 2,465 6,999 8,443 12,309 51,445 24,779 599 1,375 6,605 7,542 10,545 

Panama ...... 12,916 306 836 881 8,378 1,306 1,209 11,267 363 352 502 8,010 930 1,110 

Peru ........ 2,044 4 628 30 505 321 556 1,224 22 142 8 459 196 397 

Uruguay ...... 5,596 701 359 330 2,019 1,885 302 5,186 1,046 167 101 1,776 1,734 362 ..... 12,204 1,956 2,322 458 4,450 1,518 1,500 7,527 668 170 160 4,149 1,082 1,298 

Other Latin 

America 5 .... 17,147 3,554 3,169 1,465 6,693 1,152 1,114 14,492 4,398 798 416 6,434 1,115 1,331 

Total Latin 

America .... 225,464 47,353 14,841 10,300 43,952 67,868 41,150 204,741 47,249 4,405 6,040 40,846 64,536 41,665 

Ca rib bean: 

Bahamas ..... 145,890 52,185 3,950 6,955 51,101 11,122 20,577 148,112 51,832 3,954 6,315 52,436 10,590 22,985 

Bermuda ..... 914,327 138,101 56,096 31,353 553,446 84,628 50,703 915,575 145,452 49,965 20,472 563,498 82,342 53,846 

British West 

Indies 6 ...... 1,448,151 

Cayman Islands 6 .. n.a. Cuba ....... 2 

267,607 n.a. -160,684 n.a. -59,842 n.a. -806,954 48,493 104,571 1,432,045 n.a. n.a. n.a. n.a. 2 - - 2 270,993 149,245 n.a. n.a. - -46,870 n.a. -807,924 n.a. 2 44,220 112,793 n.a. n.a. - - Jamaica ...... 765 164 54 38 233 247 29 510 157 61 1 198 78 15 

Netherlands 

Antilles...... 279,650 78,417 13,884 5,565 140,321 11,570 29,893 291,748 73,038 12,102 4,719 148,938 11,635 41,316 

Trinidad and 

Tobago ..... 423 86 16 18 216 54 33 338 106 - 4 195 5 28 

Other Caribbean 5 . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Total Caribbean . 2,789,208 536,560 234,684 103,771 1,552,273 156,114 205,806 2,788,330 541,578 215,327 78,381 1,573,191 148,870 230,983 

See footnotes at end of table. 
98 CAP I TAL MOVE MENTS 

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic 

and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 2000, con. 

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. res i dents 

Do mes tic se cu ri ties Do mes tic se cu ri ties 

Mar ketable

Treas ury 

and

Fed eral

Financing Bank

bonds 

and 

notes 

Bonds of

U.S. 

Gov’t. corps.

and feder ally 

spon­ sored

agen cies 

Mar ket­ able

Treas ury 

and

Fed eral

Fi nancing Bank

bonds 

and 

notes 

Bonds of

U.S. 

Gov’t. corps.

and feder ally 

spon­ sored

agen cies 

Cor po rate and other 

Country Bonds Stocks 

To tal 

purchases 

Cor po rate and other

Bonds Stocks

For eign se cu ri ties To tal

Bonds Stocks sales 

For eign se cu ri ties 

Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Asia: 

China: 

Mainland .... 91,647 57,944 26,490 1,162 2,836 2,258 957 74,526 61,915 7,671 354 2,939 450 1,197 Taiwan ..... 37,108 7,289 4,794 1,026 11,081 3,166 9,752 40,466 17,378 917 54 11,228 404 10,485 

Hong Kong.... 176,525 49,480 15,910 2,555 19,399 6,699 82,482 168,163 49,821 7,241 702 19,184 5,715 85,500 India ....... 9,556 5,414 124 28 1,357 44 2,589 8,280 4,005 5 - 1,363 57 2,850 

Indonesia..... 4,774 2,535 13 33 978 215 1,000 4,077 2,308 5 18 820 197 729 

Israel ....... 32,469 12,629 1,000 773 11,206 548 6,313 33,743 11,958 228 231 12,308 707 8,311 

Japan ...... 894,272 349,370 104,216 21,775 116,968 42,754 259,189 820,894 338,790 80,414 6,735 114,898 38,244 241,813 

Korea....... 51,618 33,809 5,863 100 734 2,064 9,048 46,600 28,982 4,056 895 894 699 11,074 Lebanon ..... 3,728 4 1 12 3,246 263 202 3,442 178 - 11 2,997 53 203 

Malaysia ..... 3,376 582 32 120 593 235 1,814 3,281 801 7 14 590 308 1,561 

Pakistan ..... 678 - 1 1 629 3 44 683 2 - - 584 11 86 

Philippines.... 6,216 3,169 248 313 1,162 584 740 4,925 2,447 315 100 1,145 161 757 

Singapore .... 156,436 64,602 9,110 5,847 39,151 11,196 26,530 146,180 70,769 8,793 4,571 28,363 10,303 23,381 

Syria ....... 225 - 1 1 205 5 13 219 - - - 177 - 42 

Thailand ..... 9,283 8,006 11 65 410 275 516 7,996 6,804 27 14 468 180 503 

Other Asia .... 117,165 42,487 10,605 3,558 55,359 1,172 3,984 101,983 39,524 10,113 1,975 45,673 696 4,002 

Total Asia ... 1,595,076 637,320 178,419 37,369 265,314 71,481 405,173 1,465,458 635,682 119,792 15,674 243,631 58,185 392,494 

Af rica: 

Congo (formerly 

Zaire) ..... 36 - - - 8 - 28 38 - - 2 17 - 19 

Egypt

Ghana ...... 9 - - - 5 - 4 5 - - - 5 - -

Liberia ...... Morocco ..... 3,135

216 

857

118 1,1117 

211 - 825

80 

22

1 

109

10 2,089 477 

534

348 

339

3 

194

2 

845

86 

69

11 

108

27 

South Africa ... 4,295 741 12 122 1,229 58 2,133 3,277 776 65 159 958 15 1,304 

Other Africa ... 6,049 469 550 109 3,006 764 1,151 5,652 617 376 41 2,787 691 1,140 

....... 2,465 1,110 69 58 927 44 257 2,781 1,434 58 72 967 38 212 

Total Africa .. 16,205 3,295 1,749 500 6,080 889 3,692 14,319 3,709 841 470 5,665 824 2,810 

Other coun tries: 

Australia ..... 93,276 43,190 3,957 1,172 15,197 6,527 23,233 87,407 41,755 3,462 1,003 13,760 4,881 22,546 

New Zealand 7 .. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

All other

countries .... 10,671 1,590 957 950 2,984 2,512 1,678 11,197 1,653 741 212 4,416 2,411 1,764 

Total other 

countries ... 103,947 44,780 4,914 2,122 18,181 9,039 24,911 98,604 43,408 4,203 1,215 18,176 7,292 24,310 

Total foreign

countries .. 11,436,138 3,869,704 728,141 477,409 

In ter na tional and 

re gional orgs.: 

International ... 5,688 3,160 694 231 

European 

regional..... 3,792 152 52 2 

Latin American 

regional..... 945 158 42 58 

Caribbean 

regional 8 .... n.a. n.a. n.a. n.a. Asian regional .. 1,470 1,375 2 1 

African regional . 32 2 - 30 

Middle Eastern 

regional..... 213 9 - - Total inter3,603,620 958,889 1,798,375 10,992,578 3,923,034 575,256 294,9803,428,719 962,452 

717 259 627 6,722 3,643 739 236 764 540 

1 231 3,354 3,401 274 57 48 1 287 

623 6 58 748 82 33 63 523 -

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 40 23 29 1,387 1,312 - 1 38 7 

- - - 2 - - - 2 -

195 - 9 271 5 5 - 259 -

1,808,137 

800 

2,734 

47 

n.a. 

29 

-

2 

nationaland 

regional.... 12,140 4,856 790 322 1,576 519 4,077 12,531 5,316 834 348 1,587 834 3,612

Grand total.... 11,448,278 3,874,560 728,931 477,731 3,605,196 959,408 1,802,452 11,005,109 3,928,350 576,090 295,3283,430,306 963,286 1,811,749 

1 Be fore Jan u ary 2001, com bined data re ported for Bel gium-Luxembourg. 5 Be fore Jan u ary 2001, “Other Latin Amer ica” and “Other Ca rib bean” were re ported as 

2 Since De cem ber 1992, data for all other re pub lics of the for mer U.S.S.R. in cluded in com bined “Other Latin Amer ica and Ca rib bean.” 

“Other Eu rope.” 6 Be gin ning Jan u ary 2001, Cayman Is lands re placed Brit ish West In dies in the data se ries. 

3 Be fore Jan u ary 2001, data in cluded in United King dom. 7 Be fore Jan u ary 2001, data in cluded in “All other.” 

4 In cludes Ser bia and Montenegro, which pres ently form an en tity not for mally rec og nized by 8 Be fore Jan u ary 2001, in cluded in “Latin Amer i can re gional.” 

the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend ent 

states by the United States are re ported un der “Other Eu rope” as fol lows: since De cem ber 

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the For mer 

Yu go slav Re pub lic of Mac e do nia. 
CAP I TAL MOVEMENTS 99
 

CHART CM-D.—Net Purchases of Long-Term

For eign Secu ri ties by U.S. Inves tors *
 

150 

100 

50 

0 

-50 

1996 1997 1998 1999 2000 2001 

Jan.-Mar. 

(In billions of dollars) 

Note: To facil i tate compar i son of net purchases

dur ing 2001 with those in prior years, the chart de picts data for all peri ods at an annu al ized rate. 

For eign bonds For eign stocks To tal foreign secu ri ties 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Type 1996 1997 1998 1999 2000 

2001 

Jan. - Mar. 

Foreign bonds ..... 51,369 48,144 17,349 5,676 3,878 -350 

Foreign stocks ..... 59,268 40,939 -6,212 -15,640 9,297 19,954 

Total ......... 110,637 89,083 11,137 -9,964 13,175 19,604 

*Net purchases by U.S. inves tors equal net sales by foreign ers,or gross sales minus gross purchases of secu ri ties. 

The data on this page repre sent

U.S. inves tors’ purchases and sales 

of long-term foreign secu ri ties as

re ported to the Treasury Inter na­ tional Capi tal (TIC) report ing sys­ tem. However, in the past several

years, U.S. inves tors also have ac­ quired a substan tial amount of for­ eign stocks, mostly Euro pean,

through mergers that involve stock 

swaps. Net acqui si tions through stock swaps amounted to $96 bil­ lion in 1998, $123 billion in 1999, 

$84 billion in 2000, and a charac­ ter is ti cally low $4 billion in the 

first quarter of 2001. (Stock swaps

data for the most recent quarter are

Fed eral Reserve Board/Treasury

es ti mates and are subject to sub­ stan tial revi sions.) These stock 

swaps are not reported under the 

TIC report ing system. 

Taking into account the stock 

swaps, annual U.S. net purchases 

of long-term foreign secu ri ties

have aver aged about $100 billion 

since the mid-1990s, without much

vari a tion from year to year. In the

past few years, the acqui si tions

have been concen trated in foreign

stocks, as net purchases of foreign

bonds have been negli gi ble, far be- low the levels of the mid-1990s. 

In 1999, net stock purchases, in­ clud ing the stock swaps, totaled 

$107 billion, mostly through Eu­ rope and Japan. In 2000, taking

into account the esti mated $84 bil­ lion in foreign stocks acquired

through mergers, U.S. resi dents

ac quired approx i mately $94 billion 

in foreign stocks. In the first quar­ ter of 2001, acqui si tions of foreign

stocks (includ ing swaps) totaled 

$24 billion, with near zero net pur­ chases of foreign bonds. 
100 

INTRODUCTION: Foreign Currency Positions 

The “Treasury Bulletin” reports foreign currency holdings 

of large foreign exchange market participants. These reports 

provide information on positions in derivative instruments, 

such asforeign exchange futures and options, that are increasingly used in establishing foreign exchange positions but were 

not covered in the old reports. 

The information is based on reports of large foreign exchange market participants on holdings of six major foreign 

currencies (Canadian dollar, German mark, Japanese yen, 

Swiss franc, pound sterling and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate "all other" currency positions of reporting institutions. U.S.-based businessesfile a consolidated report for their domestic and foreign 

subsidiaries, branches and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing isrequired by law (31 United StatesCode 5315; 31 

Code of Federal Regulations 128, Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market participants, 

which are defined as market participants with more than $50 

billion equivalent in foreign exchange contracts on the last 

business day of any calendar quarter during the previous year 

(end March, June, September or December). Such contracts 

include the amounts of foreign exchange spot contracts 

bought and sold, foreign exchange forward contracts bought 

and sold, foreign exchange futures bought and sold, and one 

half the notional amount of foreign exchange options bought 

and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange contracts 

on the last business day of any quarter the previous year (end 

March, June, September or December). 

This information is published in seven sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VII-1 present the currency data reported 

weekly by major market participants. Tables I-2 through 

VII-2 present more detailed currency data of major market 

participants, based on monthly Treasury and FFIEC 035 reports. TablesI-3 through VII-3 present quarterly consolidated 

currency data reported by large market participants and 

FFIEC reporters that do not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly 

and quarterly reportsthrough December 1998, when this practice was discontinued. The net options position, or the net 

delta-equivalent value of an options position, is an estimate of 

the relationship between an option’s value and an equivalent 

currency hedge. The delta equivalent value is defined as the 

product of the first partial derivative of an option valuation 

formula (with respect to the price of the underlying currency) 

multiplied by the notional principal of the contract. 
FOREIGN CURRENCY POSITIONS 101 

SECTION I.—Canadian Dollar Positions
 

TABLE FCP-I-1.—Weekly Report of Major Market Participants
 

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Purchased Sold Net options positions 

Exchange rate (Canadian 

dollars per U.S. dollar) 

Report date (1) (2) (3) (4) 

10/04/00 ...................... 

10/11/00 ...................... 

10/18/00 ...................... 

10/25/00 ...................... 

11/01/00 ...................... 

11/08/00 ...................... 

11/15/00 ...................... 

11/22/00 ...................... 

11/29/00 ...................... 

12/06/00 ...................... 

12/13/00 ...................... 

12/20/00 ...................... 

12/27/00 ...................... 

01/03/01 ...................... 

01/10/01 ...................... 

01/17/01 ...................... 

01/24/01 ...................... 

01/31/01 ...................... 

02/07/01 ...................... 

02/14/01 ...................... 

02/21/01 ...................... 

02/28/01 ...................... 

03/07/01 ...................... 

03/14/01 ...................... 

03/21/01 ...................... 

03/28/01 ...................... 

325,922 335,040 564 1.495 

319,633 327,388 682 1.506 

322,838 331,466 838 1.514 

333,481 342,060 112 1.518 

349,814 359,475 -317 1.535 

346,494 355,870 652 1.543 

351,667 360,411 1,163 1.554 

355,899 363,825 883 1.547 

360,277 367,794 637 1.543 

371,321 372,673 1,321 1.529 

385,379 391,872 1,033 1.522 

365,665 371,749 1,200 1.524 

353,716 356,315 1,615 1.512 

336,224 340,098 1,238 1.500 

361,780 366,824 3,136 1.503 

362,945 367,019 1,495 1.512 

369,061 373,207 807 1.513 

372,369 377,011 874 1.499 

388,746 395,363 596 1.510 

374,594 378,688 523 1.529 

366,658 372,903 186 1.537 

364,015 369,750 -595 1.537 

372,931 375,141 -492 1.551 

375,012 372,386 -760 1.558 

354,657 356,632 -198 1.576 

379,717 381,086 -1,038 1.564 
102 FOREIGN CURRENCY POSITIONS 

SECTION I.—Canadian Dollar Positions, con.
 

TABLE FCP-I-2.—Monthly Report of Major Market Participants
 

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Options positions 

Cross cur­ rency inter­ est rate 

Exchange 

rate 

(Canadian 

dollars per 

U.S. 

Spot, forward 

and future contracts Non-capital items Calls Puts 

Net delta 

equivaPurchased Sold Assets Liabilities Bought Written Bought Written lent swaps dollar) 

Report date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997-Dec ........ 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.430 

1998-Dec ........ 290,380 290,271 58,800 51,966 45,192 52,906 47,165 42,987 -4,347 158,643 1.532 

1999-Dec ........ 301,513 299,999 48,830 46,714 29,403 32,548 24,040 25,542 43 n.a. 1.447 

2000-Apr......... 309,792 313,769 59,274 59,889 27,450 30,023 22,514 23,191 -36 n.a. 1.481 

May ........ 313,111 315,568 61,736 63,970 27,760 30,106 21,713 24,321 956 n.a. 1.497 

June........ 296,123 302,626 69,864 68,626 25,627 26,642 20,527 22,127 1,276 n.a. 1.481 

July ........ 320,210 325,276 68,705 61,632 25,197 25,018 19,356 21,212 1,282 n.a. 1.488 

Aug ........ 332,934 339,272 69,128 61,140 22,890 21,521 17,700 18,330 987 n.a. 1.472 

Sept ........ 322,979 329,937 70,881 63,624 20,808 20,516 16,948 17,738 477 n.a. 1.504 

Oct ......... 348,003 357,793 65,566 61,648 19,131 19,985 16,168 16,653 99 n.a. 1.523 

Nov ........ 360,321 366,124 70,895 64,264 20,609 21,161 16,533 18,898 925 n.a. 1.536 

Dec ........ 368,065 351,224 73,277 69,548 19,303 20,495 18,106 19,916 1,285 n.a. 1.500 

2001-Jan......... 374,109 378,807 81,520 78,567 19,647 21,860 22,608 24,423 889 n.a. 1.499 

Feb ........ 364,880 370,510 65,016 66,865 21,773 23,567 22,732 23,722 -623 n.a. 1.537 

Mar ........ 377,773 383,869 64,301 62,363 25,870 27,342 24,086 24,249 -1,059 n.a. 1.564 

TABLE FCP-I-3.—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Options positions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Cross currency interest rate 

Exchange 

rate 

(Canadian 

dollars per 

Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar) 

Report date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997 - Dec ........ 39,503 36,754 58,877 54,039 3,978 n.a. 3,528 n.a. -1,249 11,734 1.430 

1998-Mar ........ 31,028 35,307 60,214 51,760 1,463 755 2,190 777 -206 10,422 1.420 

June........ 30,445 33,441 61,523 47,014 1,553 678 1,958 1,162 n.a. 13,401 1.469 

Sept ........ 42,048 32,197 59,253 50,381 3,289 2,469 4,618 3,741 -1,322 8,992 1.532 

Dec ........ 30,214 30,372 62,426 54,635 1,383 n.a. 1,853 1,292 -129 7,214 1.532 

1999-Mar ........ 42,926 40,252 49,479 52,069 373 229 875 341 -2,849 n.a. 1.509 

June........ 26,534 26,029 50,617 45,798 378 n.a. n.a. 358 n.a. n.a. 1.463 

Sept ........ 25,629 25,735 51,562 49,931 182 306 n.a. n.a. n.a. n.a. 1.468 

Dec ........ 22,143 23,486 63,486 65,638 168 n.a. n.a. n.a. n.a. n.a. 1.447 

2000-Mar ........ 20,098 22,775 47,433 41,645 n.a. n.a. 894 n.a. n.a. n.a. 1.449 

June........ 19,402 23,303 49,544 43,279 323 n.a. 406 290 -93 n.a. 1.481 

Sept ........ 21,192 20,521 47,212 45,754 270 n.a. 257 212 -62 n.a. 1.504 

Dec ........ 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 n.a. 1.500 
FOR EIGN CURRENCY POSI TIONS 103 

SEC TION II.—German Mark Posi tions 

TA BLE FCP-II-1.—Weekly Report of Major Market Partic i pants 

[In millions of German marks. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Exchange rate (Deutsche 

Pur chased Sold Net options posi tions marks per U.S. dollar) 

Re port date (1) (2) (3) (4) 

10/04/00 ...................... 

10/11/00 ...................... 

10/18/00 ...................... 

10/25/00 ...................... 

11/01/00 ...................... 

11/08/00 ...................... 

11/15/00 ...................... 

11/22/00 ...................... 

11/29/00 ...................... 

12/06/00 ...................... 

12/13/00 ...................... 

12/20/00 ...................... 

12/27/00 ...................... 

01/03/01 ...................... 

01/10/01 ...................... 

01/17/01 ...................... 

01/24/01 ...................... 

01/31/01 ...................... 

02/07/01 ...................... 

02/14/01 ...................... 

02/21/01 ...................... 

02/28/01 ...................... 

03/07/01 ...................... 

03/14/01 ...................... 

03/21/01 ...................... 

03/28/01 ...................... 

15,531 n.a. n.a. 2.237 

15,105 15,522 n.a. 2.250 

15,213 15,154 n.a. 2.328 

14,353 14,782 n.a. 2.362 

13,916 n.a. n.a. 2.272 

14,247 n.a. n.a. 2.286 

14,039 n.a. n.a. 2.281 

13,975 n.a. n.a. 2.320 

13,593 n.a. n.a. 2.281 

13,652 n.a. n.a. 2.195 

13,615 n.a. n.a. 2.232 

13,637 n.a. n.a. 2.151 

12,436 n.a. n.a. 2.102 

12,325 n.a. n.a. 2.106 

12,240 n.a. n.a. 2.087 

12,405 n.a. n.a. 2.093 

12,097 n.a. n.a. 2.122 

12,343 n.a. n.a. 2.089 

11,958 n.a. n.a. 2.106 

11,942 n.a. n.a. 2.132 

11,804 n.a. n.a. 2.151 

11,769 n.a. n.a. 2.119 

11,616 n.a. n.a. 2.104 

12,005 n.a. n.a. 2.147 

11,934 n.a. n.a. 2.184 

11,840 10,922 n.a. 2.195 
104 FOR EIGN CURRENCY POSI TIONS

SEC TION II.—German Mark Posi tions, con.

TA BLE FCP-II-2.—Monthly Report of Major Market Partic i pants

[In millions of German marks. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Ex change 

rate 

Cross cur- (Deutsche 

Spot, forward rency inter- marks per 

and future contracts Non-capital items Calls Puts Net delta est rate U.S. 

Purchased Sold Assets Lia bil i ties Bought Written Bought Written equiva lent swaps dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997 - Dec ........ 2,105,621 2,111,401 267,177 261,206 565,018 581,794 591,231 619,946 2,728 382,295 1.799 

1998 - Dec ........ 2,137,633 2,095,888 275,795 276,946 538,892 569,968 535,282 564,736 5,041 434,747 1.693 

1999 - Dec ........ 27,357 35,643 8,371 11,700 9,254 11,991 14,709 11,246 n.a. n.a. 1.942 

2000 - Apr......... 15,895 17,268 n.a. 36,340 3,932 5,437 n.a. n.a. n.a. n.a. 2.147 

May ........ 15,501 16,800 n.a. n.a. 3,702 4,994 n.a. n.a. n.a. n.a. 2.087 

June........ 15,380 15,036 n.a. n.a. n.a. 4,431 n.a. 3,822 n.a. n.a. 2.051 

July ........ 17,562 16,505 n.a. n.a. n.a. 4,539 n.a. n.a. n.a. n.a. 2.110 

Aug ........ 15,561 15,945 n.a. n.a. n.a. 4,041 n.a. n.a. n.a. n.a. 2.204 

Sept ........ 16,205 16,003 n.a. n.a. n.a. 3,935 n.a. n.a. n.a. n.a. 2.218 

Oct ......... 14,333 n.a. n.a. n.a. n.a. 3,948 n.a. 3,542 n.a. n.a. 2.304 

Nov ........ 13,709 n.a. n.a. n.a. n.a. 4,029 n.a. 3,644 n.a. n.a. 2.243 

Dec ........ 11,153 n.a. 20,075 23,477 2,332 2,922 6,418 3,327 n.a. n.a. 2.077 

2001 - Jan......... 12,459 n.a. 19,182 19,652 2,080 2,823 n.a. 2,660 n.a. n.a. 2.089 

Feb ........ 11,879 n.a. 19,111 19,503 n.a. 2,334 n.a. 2,718 n.a. n.a. 2.119 

Mar ........ 11,612 11,041 n.a. n.a. 1,320 n.a. n.a. 2,663 n.a. n.a. 2.117 

TA BLE FCP-II-3.—Quarterly Report of Large Market Partic i pants 

[In millions of German marks. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Cross cur­ rency inter est rate 

Ex change 

rate 

(Deut sche

marks per 

U.S. 

Re port date 

Pur chased 

(1) 

Sold 

(2) 

As sets 

(3) 

Li a bil i ties 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written

(8) 

equiva lent

(9) 

swaps 

(10) 

dol lar) 

(11) 

1997 - Dec ........ 201,756 199,798 126,973 114,319 31,912 35,304 36,668 28,473 -3,880 25,773 1.799 

1998 - Mar ........ 235,890 231,338 129,807 109,527 29,139 24,292 25,243 20,051 -1,648 28,619 1.849 

June........ 242,644 232,986 122,544 102,431 24,910 21,817 24,974 16,914 729 27,753 1.809 

Sept ........ 265,496 239,820 122,384 96,420 39,593 39,362 40,077 31,743 405 29,173 1.668 

Dec ........ 204,109 182,509 114,722 96,084 19,975 18,118 20,838 20,055 749 33,636 1.693 

1999 - Mar ........ 35,238 30,884 78,296 77,336 5,273 3,681 6,945 3,443 -1,786 n.a. 2.106 

June........ 29,882 24,365 69,238 69,965 2,430 1,973 n.a. 2,189 n.a. n.a. 1.891 

Sept ........ 31,152 18,307 61,817 63,678 1,479 1,637 4,370 2,023 n.a. n.a. 1.829 

Dec ........ 20,244 11,582 65,344 68,401 266 121 n.a. n.a. n.a. n.a. 1.942 

2000 - Mar ........ 11,985 6,048 34,223 38,156 n.a. n.a. n.a. n.a. n.a. n.a. 2.047 

June........ 10,471 5,011 29,156 30,563 n.a. n.a. n.a. n.a. n.a. n.a. 2.051 

Sept ........ 9,645 n.a. 27,070 23,899 19 32 n.a. n.a. n.a. n.a. 2.218 

Dec ........ 10,587 4,802 36,052 28,045 n.a. n.a. n.a. n.a. n.a. n.a. 2.077 
FOREIGN CURRENCY POSITIONS 105 

SECTION III.—Japanese Yen Positions
 

TABLE FCP-III-1.—Weekly Report of Major Market Participants
 

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Purchased Sold Net options positions 

Exchange rate (Japa­ nese yen per U.S. dollar) 

Report date (1) (2) (3) (4) 

10/04/00 ...................... 

10/11/00 ...................... 

10/18/00 ...................... 

10/25/00 ...................... 

11/01/00 ...................... 

11/08/00 ...................... 

11/15/00 ...................... 

11/22/00 ...................... 

11/29/00 ...................... 

12/06/00 ...................... 

12/13/00 ...................... 

12/20/00 ...................... 

12/27/00 ...................... 

01/03/01 ...................... 

01/10/01 ...................... 

01/17/01 ...................... 

01/24/01 ...................... 

01/31/01 ...................... 

02/07/01 ...................... 

02/14/01 ...................... 

02/21/01 ...................... 

02/28/01 ...................... 

03/07/01 ...................... 

03/14/01 ...................... 

03/21/01 ...................... 

03/28/01 ...................... 

157,102 161,392 1,207 109.40 

158,917 163,359 1,533 107.62 

157,197 161,442 1,452 107.91 

156,085 160,827 1,193 108.19 

154,685 158,939 1,101 108.22 

153,828 158,168 1,293 107.34 

155,364 159,635 1,190 108.94 

156,451 160,491 1,110 110.31 

156,543 160,782 880 111.22 

158,754 164,136 1,040 110.37 

167,381 172,825 880 112.40 

161,373 166,954 1,055 112.73 

157,446 163,092 1,164 114.37 

163,761 169,309 1,165 113.68 

167,473 172,853 1,093 116.55 

172,464 178,110 1,274 118.90 

169,136 174,514 1,231 117.88 

168,114 173,395 1,139 116.42 

171,697 177,208 1,166 116.41 

175,105 180,498 1,195 116.52 

175,063 180,571 1,235 116.61 

175,466 180,491 1,203 117.38 

178,571 183,715 1,241 120.04 

187,396 192,550 1,322 121.14 

186,530 191,118 1,240 123.45 

187,420 192,544 1,624 122.23 
106 FOREIGN CURRENCY POSITIONS 

SECTION III.—Japanese Yen Positions, con. 

TABLE FCP-III-2.—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Options positions 

Exchange 

rate 

Cross cur­ (Japanese 

Spot, forward rency in­ yen per 

and future contracts Non-capital items Calls Puts Net delta terest rate U.S. 

Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar) 

Report date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997-Dec ........ 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.58 

1998-Dec ........ 202,201 206,719 25,691 26,714 37,327 37,921 50,809 49,009 1,208 74,901 113.30 

1999-Dec ........ 146,337 149,239 27,179 23,957 22,474 21,436 36,816 39,114 1,050 n.a. 102.31 

2000-Apr......... 164,181 168,279 22,919 20,676 25,454 23,979 39,892 42,920 1,096 n.a. 107.46 

May ........ 163,511 169,121 25,742 22,879 23,890 22,461 53,384 53,724 1,281 n.a. 107.81 

June........ 163,600 168,221 27,305 24,831 22,991 21,971 53,936 54,371 1,252 n.a. 106.07 

July ........ 160,222 165,016 24,126 22,462 22,774 22,392 54,979 54,882 1,029 n.a. 109.42 

Aug ........ 160,018 165,632 26,873 25,170 24,214 23,415 54,957 55,112 1,194 n.a. 106.72 

Sept ........ 159,853 163,889 24,925 23,938 22,841 22,348 50,755 50,928 1,207 n.a. 108.21 

Oct ......... 156,295 160,553 24,881 23,216 25,212 25,012 50,612 51,092 1,121 n.a. 109.14 

Nov ........ 160,196 164,953 25,530 23,935 21,408 20,667 51,269 51,843 1,072 n.a. 110.40 

Dec ........ 157,318 162,804 25,262 24,120 19,555 18,884 47,477 48,889 1,142 n.a. 114.42 

2001-Jan......... 170,052 175,360 28,085 27,095 24,012 22,647 53,082 53,945 1,100 n.a. 116.42 

Feb ........ 178,012 182,917 28,432 27,271 22,094 20,787 50,323 50,874 1,149 n.a. 117.38 

Mar ........ 187,776 194,559 29,381 27,724 25,893 22,894 54,581 56,581 1,529 n.a. 122.23 

TABLE FCP-III-3.—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Options positions 

Spot, forward 

and future contracts Non-capital items Calls Puts 

Net delta 

equivaCross currency interest rate 

Exchange 

rate 

(Japanese 

yen per U.S. 

Purchased Sold Assets Liabilities Bought Written Bought Written lent swaps dollar) 

Report date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997-Dec ........ 12,623 14,720 9,377 9,182 1,317 1,475 2,265 1,594 -447 2,745 130.58 

1998-Mar ........ 14,474 15,329 10,378 10,338 936 1,080 2,783 1,089 -916 3,823 133.23 

June ....... 15,991 17,117 9,376 9,876 882 1,223 3,626 1,074 -1,510 4,039 138.98 

Sept........ 16,422 15,293 9,047 9,599 2,307 n.a. 4,800 3,368 -700 4,103 136.55 

Dec ........ 12,356 10,415 9,057 8,606 1,045 n.a. 4,031 2,412 -269 4,049 113.30 

1999-Mar ........ 10,407 11,415 8,382 7,703 498 1,041 1,088 748 69 n.a. 118.90 

June ....... 11,020 12,124 9,073 9,372 669 854 1,172 579 -84 n.a. 121.25 

Sept........ 12,546 13,169 9,697 10,067 510 947 1,580 675 -320 n.a. 106.35 

Dec ........ 8,483 9,378 9,278 9,553 398 840 987 539 n.a. n.a. 102.31 

2000-Mar ........ 9,940 10,052 6,827 6,463 697 1,267 1,229 821 n.a. n.a. 102.80 

June ....... 9,758 9,480 6,558 6,359 558 855 992 722 115 n.a. 106.07 

Sept........ 7,826 7,612 6,232 6,901 580 984 1,068 748 100 n.a. 108.21 

Dec ........ 7,538 8,215 6,392 5,286 455 663 727 409 16 n.a. 114.42 
FOREIGN CURRENCY POSITIONS 107 

SECTION IV.—Swiss Franc Positions
 

TABLE FCP-IV-1.—Weekly Report of Major Market Participants
 

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Purchased Sold Net options positions 

Exchange rate (Swiss 

francs per U.S. dollar) 

Report date (1) (2) (3) (4) 

10/04/00 ...................... 

10/11/00 ...................... 

10/18/00 ...................... 

10/25/00 ...................... 

11/01/00 ...................... 

11/08/00 ...................... 

11/15/00 ...................... 

11/22/00 ...................... 

11/29/00 ...................... 

12/06/00 ...................... 

12/13/00 ...................... 

12/20/00 ...................... 

12/27/00 ...................... 

01/03/01 ...................... 

01/10/01 ...................... 

01/17/01 ...................... 

01/24/01 ...................... 

01/31/01 ...................... 

02/07/01 ...................... 

02/14/01 ...................... 

02/21/01 ...................... 

02/28/01 ...................... 

03/07/01 ...................... 

03/14/01 ...................... 

03/21/01 ...................... 

03/28/01 ...................... 

452,944 454,304 -1,177 1.737 

459,135 459,039 -2,347 1.740 

463,224 463,532 -3,190 1.789 

446,069 447,537 -3,220 1.820 

447,453 450,374 -1,632 1.775 

442,931 449,954 -2,558 1.776 

448,231 456,137 -2,614 1.779 

412,479 418,000 -3,408 1.802 

457,816 462,975 -3,263 1.762 

484,791 487,652 -3,460 1.701 

475,966 474,387 -2,479 1.716 

433,811 435,227 -2,721 1.669 

407,627 413,957 -2,182 1.637 

427,606 433,935 -2,254 1.631 

451,173 454,352 -2,779 1.629 

441,328 445,056 -2,257 1.646 

444,140 446,536 -1,816 1.659 

441,538 441,358 -1,715 1.636 

456,414 458,713 -1,750 1.654 

484,619 487,213 -1,111 1.671 

459,278 459,798 -2,586 1.687 

461,539 460,773 -2,225 1.670 

457,757 459,957 -1,897 1.658 

506,177 504,607 -3,064 1.691 

469,628 467,398 -2,408 1.711 

467,994 460,068 -2,784 1.727 
108 FOREIGN CURRENCY POSITIONS 

SECTION IV.—Swiss Franc Positions, con.
 

TABLE FCP-IV-2.—Monthly Report of Major Market Participants
 

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Options positions 

Spot, forward 

and future contracts Non-capital items Calls Puts 

Net delta 

equivaCross cur­ rency inter­ est rate 

Exchange 

rate 

(Swiss 

francs per 

U.S. 

Purchased Sold Assets Liabilities Bought Written Bought Written lent swaps dollar) 

Report date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997-Dec ........
 

1998-Dec ........
 

1999-Dec ........
 

2000-Apr.........
 

May ........
 

June........
 

July ........
 

Aug ........
 

Sept ........
 

Oct .........
 

Nov ........
 

Dec ........
 

2001-Jan......... 

Feb ........ 

Mar ........ 

578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.463 

412,893 414,305 27,126 28,145 70,475 65,812 63,977 68,190 5,605 120,584 1.375 

348,405 346,553 24,246 24,346 63,446 66,092 62,096 58,039 -4,618 n.a. 1.591 

475,056 474,761 31,918 34,837 69,895 78,116 63,750 54,998 -5,762 n.a. 1.719 

544,131 543,870 37,480 41,356 70,363 79,420 68,083 59,577 -4,389 n.a. 1.682 

473,652 472,016 41,044 46,388 68,404 71,941 63,283 58,426 -2,309 n.a. 1.634 

473,117 469,697 36,202 43,318 66,314 69,495 58,315 56,492 -3,300 n.a. 1.671 

494,864 490,869 46,272 51,063 69,271 70,120 66,537 66,237 -4,016 n.a. 1.742 

457,553 457,927 37,604 44,327 79,217 74,571 73,134 74,131 -1,090 n.a. 1.727 

445,195 446,969 44,711 51,168 83,680 81,501 75,315 76,735 -2,119 n.a. 1.798 

475,265 477,843 48,580 51,858 75,301 74,948 64,606 63,180 -3,199 n.a. 1.730 

391,980 400,664 67,268 70,627 60,340 58,622 55,933 52,641 -2,020 n.a. 1.613 

447,647 443,017 63,925 71,067 67,744 66,191 66,222 64,934 -1,214 n.a. 1.636 

463,309 463,207 58,303 67,451 70,041 67,494 66,720 62,967 -1,599 n.a. 1.670 

466,789 462,150 64,769 70,358 69,839 63,675 66,474 68,121 -1,662 n.a. 1.727 

TABLE FCP-IV-3.—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Options positions 

Exchange 

rate 

Cross cur­ (Swiss 

Spot, forward rency in­ francs per 

and future contracts Non-capital items Calls Puts Net delta terest rate U.S. 

Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar) 

Report date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997-Dec ........ 34,055 45,725 19,548 15,869 n.a. 6,186 7,108 6,137 -382 13,357 1.463 

1998-Mar ........ 38,858 36,296 21,240 14,804 n.a. n.a. 5,527 4,399 -685 12,767 1.524 

June........ 40,338 34,567 19,349 14,136 n.a. n.a. 3,604 2,183 -390 18,057 1.521 

Sept ........ 39,544 37,928 24,920 18,195 3,200 3,643 3,623 2,983 147 15,838 1.381 

Dec ........ 29,714 27,460 25,805 17,734 2,858 2,958 1,723 1,455 -58 15,491 1.375 

1999-Mar ........ 27,949 24,485 n.a. 19,203 n.a. n.a. 1,184 1,076 -298 n.a. 1.482 

June........ 29,910 31,341 25,543 21,297 1,748 n.a. 999 839 -418 n.a. 1.551 

Sept ........ 41,114 42,781 26,958 22,921 n.a. n.a. 4,829 n.a. 165 n.a. 1.495 

Dec ........ 29,996 32,669 26,008 22,409 n.a. n.a. 2,416 1,886 -248 n.a. 1.591 

2000-Mar ........ 25,551 32,822 23,732 11,470 n.a. n.a. 2,481 2,495 164 n.a. 1.664 

June........ 28,559 32,190 23,290 12,700 n.a. n.a. n.a. n.a. n.a. n.a. 1.634 

Sept ........ 25,817 29,202 25,141 15,983 2,415 n.a. n.a. 3,679 n.a. n.a. 1.727 

Dec ........ 24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. n.a. 1.613 
FOREIGN CURRENCY POSITIONS 109 

SECTION V.—Sterling Positions
 

TABLE FCP-V-1.—Weekly Report of Major Market Participants
 

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Purchased Sold Net options positions 

Exchange rate (U.S. 

dollars per pound) 

Report date (1) (2) (3) (4) 

10/04/00 ...................... 

10/11/00 ...................... 

10/18/00 ...................... 

10/25/00 ...................... 

11/01/00 ...................... 

11/08/00 ...................... 

11/15/00 ...................... 

11/22/00 ...................... 

11/29/00 ...................... 

12/06/00 ...................... 

12/13/00 ...................... 

12/20/00 ...................... 

12/27/00 ...................... 

01/03/01 ...................... 

01/10/01 ...................... 

01/17/01 ...................... 

01/24/01 ...................... 

01/31/01 ...................... 

02/07/01 ...................... 

02/14/01 ...................... 

02/21/01 ...................... 

02/28/01 ...................... 

03/07/01 ...................... 

03/14/01 ...................... 

03/21/01 ...................... 

03/28/01 ...................... 

494,503 491,876 1,801 1.458 

507,723 509,131 2,223 1.463 

512,871 513,694 2,044 1.443 

507,076 507,249 1,558 1.433 

505,372 505,236 1,940 1.452 

518,221 515,754 1,855 1.425 

515,765 511,665 2,468 1.427 

520,499 510,824 1,560 1.406 

524,553 521,527 2,144 1.423 

533,199 531,103 2,197 1.442 

538,837 536,667 2,108 1.454 

512,505 510,635 1,835 1.478 

499,667 496,276 1,669 1.497 

504,044 501,805 1,819 1.490 

531,431 530,192 1,541 1.488 

534,692 530,875 1,011 1.473 

542,674 541,297 2,355 1.456 

531,865 531,304 2,300 1.464 

521,608 521,294 2,122 1.454 

528,666 528,214 1,831 1.455 

513,622 514,557 2,394 1.443 

517,916 518,934 2,262 1.445 

520,500 522,281 2,300 1.460 

531,875 530,555 2,337 1.445 

524,935 526,022 2,011 1.430 

550,736 552,362 2,432 1.437 
110 FOREIGN CURRENCY POSITIONS 

SECTION V.—Sterling Positions, con.
 

TABLE FCP-V-2.—Monthly Report of Major Market Participants
 

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Options positions 

Spot, forward 

and future contracts Non-capital items Calls Puts 

Purchased Sold Assets Liabilities Bought Written Bought Written 

Net delta 

equivalent 

Cross cur­ rency inter­ est rate 

swaps 

Exchange 

rate 

(U.S. dollars 

per pound) 

Report date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997-Dec ........ 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.648 

1998-Dec ........ 451,435 436,782 90,311 83,682 62,967 59,537 84,861 81,929 1,817 106,491 1.655 

1999-Dec ........ 431,852 417,589 82,826 85,068 33,780 40,959 38,668 36,834 -1,112 n.a. 1.618 

2000-Apr......... 519,581 506,509 108,944 109,325 36,994 42,749 44,776 46,006 -2,214 n.a. 1.553 

May ........ 555,033 547,157 108,955 108,297 56,464 59,518 60,228 58,190 -182 n.a. 1.500 

June ........ 520,539 509,635 112,633 111,197 67,267 66,540 56,604 55,430 -511 n.a. 1.517 

July ........ 514,698 511,881 112,472 110,417 68,323 65,305 59,749 59,849 2,405 n.a. 1.499 

Aug ........ 514,722 513,438 119,784 115,727 65,893 62,687 56,798 60,341 2,658 n.a. 1.449 

Sept ........ 507,570 505,852 134,723 128,031 60,289 56,789 49,457 n.a. 2,250 n.a. 1.474 

Oct ......... 508,043 504,514 131,141 129,740 62,564 60,089 43,471 47,039 2,004 n.a. 1.449 

Nov ........ 525,924 520,714 127,240 123,787 57,386 54,895 38,298 40,369 1,819 n.a. 1.426 

Dec ........ 481,136 476,681 132,953 130,552 52,053 49,904 34,092 35,317 1,692 n.a. 1.492 

2001-Jan......... 532,986 534,464 128,112 120,429 56,783 56,194 38,054 39,293 2,328 n.a. 1.464 

Feb ........ 521,729 522,321 122,989 119,293 55,990 54,464 37,751 37,777 2,080 n.a. 1.445 

Mar ........ 546,984 549,708 139,233 126,469 55,806 54,337 36,674 36,672 1,928 n.a. 1.437 

TABLE FCP-V-3.—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Options positions 

Spot, forward 

and future contracts Non-capital items Calls Puts 

Purchased Sold Assets Liabilities Bought Written Bought Written 

Net delta 

equivalent 

Cross currency interest rate 

swaps 

Exchange 

rate 

(U.S. dollars 

per pound) 

Report date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997 - Dec .......... 36,614 41,392 49,252 40,469 3,322 3,544 4,176 2,616 166 5,842 1.648 

1998-Mar .......... 37,954 44,272 53,725 39,724 2,558 1,904 4,386 2,184 383 7,216 1.672 

June ......... 34,360 41,814 49,305 36,806 2,203 2,583 5,248 2,365 -643 9,435 1.667 

Sept .......... 47,869 59,915 54,596 41,131 2,645 3,232 5,592 3,264 -1,032 10,809 1.700 

Dec .......... 41,798 52,331 55,012 40,001 1,785 1,655 4,116 2,774 -128 12,444 1.655 

1999-Mar .......... 29,752 38,797 49,526 38,258 1,339 1,970 3,120 3,484 -468 n.a. 1.612 

June ......... 33,120 38,967 61,274 50,042 1,672 1,822 1,855 n.a. -448 n.a. 1.577 

Sept .......... 29,234 40,531 55,936 43,129 904 2,315 2,717 n.a. n.a. n.a. 1.647 

Dec .......... 20,688 29,551 59,303 49,273 1,095 1,514 2,415 1,230 n.a. n.a. 1.618 

2000-Mar .......... 26,741 30,937 40,575 33,411 1,158 1,236 2,095 1,372 -758 n.a. 1.593 

June ......... 28,418 32,246 43,338 34,513 1,581 1,505 1,702 1,275 -44 n.a. 1.517 

Sept .......... 29,370 30,972 43,390 22,825 1,684 1,350 3,274 1,388 25 n.a. 1.474 

Dec .......... 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 n.a. 1.492 
FOREIGN CURRENCY POSITIONS 111 

SECTION VI.—U.S. Dollar Positions
 

TABLE FCP-VI-1.—Weekly Report of Major Market Participants
 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Purchased Sold Net options positions Exchange rate 

Report date (1) (2) (3) (4) 

10/04/00 ......................... 

10/11/00 ......................... 

10/18/00 ......................... 

10/25/00 ......................... 

11/01/00 ......................... 

11/08/00 ......................... 

11/15/00 ......................... 

11/22/00 ......................... 

11/29/00 ......................... 

12/06/00 ......................... 

12/13/00 ......................... 

12/20/00 ......................... 

12/27/00 ......................... 

01/03/01 ......................... 

01/10/01 ......................... 

01/17/01 ......................... 

01/24/01 ......................... 

01/31/01 ......................... 

02/07/01 ......................... 

02/14/01 ......................... 

02/21/01 ......................... 

02/28/01 ......................... 

03/07/01 ......................... 

03/14/01 ......................... 

03/21/01 ......................... 

03/28/01 ......................... 

5,020,884 5,054,191 9,004 n.a. 

5,009,484 5,039,732 7,003 n.a. 

5,014,636 5,036,279 8,545 n.a. 

5,005,743 5,023,389 8,923 n.a. 

4,968,906 4,983,546 6,596 n.a. 

5,017,754 5,037,922 6,224 n.a. 

5,069,610 5,096,948 7,847 n.a. 

4,914,733 4,950,009 8,721 n.a. 

5,047,675 5,076,754 10,117 n.a. 

5,137,724 5,159,775 6,810 n.a. 

5,302,197 5,339,396 8,844 n.a. 

5,058,497 5,106,979 6,771 n.a. 

4,926,470 4,968,472 5,947 n.a. 

5,048,384 5,081,011 5,724 n.a. 

5,209,174 5,237,323 5,273 n.a. 

5,236,847 5,263,067 3,657 n.a. 

5,233,700 5,247,117 3,975 n.a. 

5,238,135 5,262,666 7,119 n.a. 

5,208,951 5,244,864 6,721 n.a. 

5,220,969 5,239,794 5,772 n.a. 

5,240,216 5,250,711 4,581 n.a. 

5,260,826 5,277,548 4,759 n.a. 

5,246,363 5,267,030 6,404 n.a. 

5,412,752 5,413,944 5,764 n.a. 

5,291,710 5,288,560 5,346 n.a. 

5,494,310 5,489,563 3,821 n.a. 
112 FOREIGN CURRENCY POSITIONS 

SECTION VI.—U.S. Dollar Positions, con.
 

TABLE FCP-VI-2.—Monthly Report of Major Market Participants
 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward 

and future contracts Non-capital items 

Options positions 

Calls Puts Net delta Exchange 

Purchased Sold Assets Liabilities Bought Written Bought Written equivalent rate

Report date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1999-Dec........ 4,428,661 4,469,330 - - 554,465 538,078 606,475 464,834 4,031 n.a. 

2000-Jan ........ 5,206,175 5,242,291 - - 645,121 616,411 760,544 551,734 15,669 n.a. 

Feb ........ 5,259,655 5,294,417 - - 561,186 526,371 647,577 514,353 n.a. n.a. 

Mar ........ 5,194,805 5,229,059 - - 736,426 718,276 647,870 506,808 4,441 n.a. 

Apr ........ 5,134,570 5,172,691 - - 753,239 702,905 614,161 611,089 10,296 n.a. 

May ....... 5,260,644 5,295,815 - - 760,960 719,820 624,200 623,237 8,402 n.a. 

June ....... 5,177,385 5,227,331 - - 748,964 706,451 601,481 616,160 9,562 n.a. 

July........ 5,095,365 5,100,472 - - 767,980 741,771 629,466 626,458 11,853 n.a. 

Aug........ 5,160,323 5,176,532 - - 815,700 762,732 643,074 638,424 8,835 n.a. 

Sept ....... 5,114,514 5,150,028 - - 765,572 719,018 640,860 615,555 5,439 n.a. 

Oct ........ 5,043,018 5,061,759 - - 782,150 748,119 655,836 633,993 5,429 n.a. 

Nov........ 5,176,487 5,208,287 - - 770,457 722,232 586,828 570,735 7,624 n.a. 

Dec........ 4,903,805 4,922,496 - - 696,817 665,879 549,766 523,288 5,750 n.a. 

2001-Jan ........ 5,326,590 5,350,533 - - 754,066 730,584 498,000 461,015 7,235 n.a. 

Feb ........ 5,326,090 5,330,088 - - 763,783 738,457 476,681 442,186 5,278 n.a. 

Mar ........ 5,579,991 5,554,365 - - 762,898 727,536 485,566 456,021 6,150 n.a. 

TABLE FCP-VI-3.—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Options positions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Cross currency interest rate Exchange 

Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps rate 

Report date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1999-Mar ....... 344,488 346,419 - - 45,081 n.a. 24,808 31,891 -2,548 n.a. n.a. 

June ...... 355,215 381,986 - - 30,362 n.a. 14,682 34,477 -4,398 n.a. n.a. 

Sept ...... 369,911 399,707 - - 42,136 n.a. 16,652 32,959 n.a. n.a. n.a. 

Dec ....... 322,693 356,352 - - 38,983 n.a. 13,480 48,511 n.a. n.a. n.a. 

2000-Mar ....... 355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a. n.a. 

June ...... 355,103 382,402 - - 32,925 55,328 44,033 47,386 1,030 n.a. n.a. 

Sept ...... 324,914 346,333 - - 19,704 28,846 24,183 29,783 116 n.a. n.a. 

Dec ....... 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. n.a. 
FOREIGN CURRENCY POSITIONS 113 

SECTION VII.—Euro Positions
 

TABLE FCP-VII-1.—Weekly Report of Major Market Participants
 

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Purchased Sold Net options positions 

Exchange rate (Euros per 

U.S. dollar) 

Report date (1) (2) (3) (4) 

10/04/00 ...................... 

10/11/00 ...................... 

10/18/00 ...................... 

10/25/00 ...................... 

11/01/00 ...................... 

11/08/00 ...................... 

11/15/00 ...................... 

11/22/00 ...................... 

11/29/00 ...................... 

12/06/00 ...................... 

12/13/00 ...................... 

12/20/00 ...................... 

12/27/00 ...................... 

01/03/01 ...................... 

01/10/01 ...................... 

01/17/01 ...................... 

01/24/01 ...................... 

01/31/01 ...................... 

02/07/01 ...................... 

02/14/01 ...................... 

02/21/01 ...................... 

02/28/01 ...................... 

03/07/01 ...................... 

03/14/01 ...................... 

03/21/01 ...................... 

03/28/01 ...................... 

1,949,220 1,954,291 -10,429 1.144 

1,994,630 1,993,638 -9,821 1.150 

2,024,708 2,031,560 -5,326 1.190 

2,021,316 2,031,907 -5,385 1.208 

2,019,107 2,030,420 -6,345 1.162 

2,029,291 2,037,929 -6,801 1.169 

2,068,951 2,070,420 -7,396 1.167 

1,929,080 1,933,671 -6,687 1.186 

2,087,039 2,084,823 -5,975 1.166 

2,104,616 2,101,899 -8,215 1.122 

2,130,269 2,126,881 -9,717 1.141 

2,031,831 2,024,908 -10,081 1.100 

1,988,189 1,995,724 -10,678 1.075 

2,055,243 2,054,197 -10,428 1.077 

2,123,099 2,130,933 -10,139 1.067 

2,123,706 2,129,218 -10,927 1.070 

2,121,890 2,127,887 -13,694 1.085 

2,166,578 2,164,984 -13,564 1.068 

2,077,595 2,081,201 -13,151 1.077 

2,069,617 2,074,404 -13,604 1.090 

2,122,864 2,134,345 -13,691 1.100 

2,124,216 2,144,449 -13,707 1.083 

2,092,279 2,107,787 -14,497 1.076 

2,155,223 2,180,915 -13,782 1.098 

2,092,978 2,112,739 -13,224 1.117 

2,169,526 2,184,536 -14,796 1.129 
114 FOREIGN CURRENCY POSITIONS 

SECTION VII.—Euro Positions, con.
 

TABLE FCP-VII-2.—Monthly Report of Major Market Participants
 

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta Exchange 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent rate 

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1999-Dec ....... 1,452,015 1,461,276 474,121 446,461 409,670 402,166 258,738 242,453 -7,254 0.993 

2000-Jan........ 1,724,560 1,737,462 442,897 428,201 619,530 628,646 346,236 355,194 -7,403 1.031 

Feb ....... 1,860,625 1,880,888 487,896 467,967 584,483 590,403 372,396 362,992 -4,988 1.036 

Mar ....... 1,899,472 1,901,388 523,523 494,884 349,396 574,205 347,514 356,175 -2,206 1.047 

Apr ........ 1,837,189 1,851,992 544,210 517,698 542,414 538,238 323,798 340,003 -2,612 1.098 

May ....... 1,983,047 1,987,957 590,288 559,869 568,659 562,206 329,385 366,305 -6,890 1.067 

June....... 1,981,586 1,992,473 612,848 578,082 583,899 592,389 351,444 358,027 -9,478 1.049 

July ....... 1,909,976 1,911,383 586,314 536,754 519,554 506,348 369,129 378,158 -10,343 1.079 

Aug ....... 1,992,118 1,998,899 573,805 525,502 454,621 468,412 392,990 386,854 -7,744 1.127 

Sept ....... 2,006,795 2,014,112 608,334 547,769 421,739 424,720 384,653 371,919 -8,987 1.134 

Oct ........ 2,005,978 2,016,298 656,950 559,093 379,876 365,534 351,453 385,327 -6,529 1.178 

Nov ....... 2,121,354 2,119,639 639,786 585,005 300,549 288,753 298,360 334,643 -8,718 1.147 

Dec ....... 1,962,446 1,957,163 657,186 619,882 262,483 249,899 257,504 278,235 -10,079 1.062 

2001-Jan........ 2,177,901 2,177,193 663,015 614,349 272,224 261,075 234,604 254,006 -13,804 1.068 

Feb ....... 2,104,913 2,123,049 658,959 625,401 259,240 241,115 232,624 253,345 -13,912 1.083 

Mar ....... 2,171,835 2,193,308 656,005 670,869 270,259 253,666 248,555 267,475 -14,661 1.129 

TABLE FCP-VII-3.—Quarterly Report of Large Market Participants 

[In billions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Net delta 

Cross currency interest Exchange 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent rate swaps rate 

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1999-Mar ....... 92,802 97,957 98,287 93,539 4,212 4,265 5,228 4,413 -1,083 n.a. 0.929 

June ...... 112,045 121,089 80,972 69,409 3,878 6,839 6,310 4,308 -2,644 n.a. 0.967 

Sept ...... 144,979 139,983 113,959 93,954 6,487 5,727 6,741 4,983 -3,297 n.a. 0.935 

Dec ....... 104,331 98,139 107,006 91,185 5,263 9,552 9,898 7,093 -3,796 n.a. 0.993 

2000-Mar ....... 157,837 137,611 222,847 87,591 7,762 12,088 12,578 10,024 -916 n.a. 1.047 

June ...... 153,599 144,972 225,865 86,355 10,660 11,704 13,871 12,373 -447 n.a. 1.049 

Sept ...... 144,129 147,945 229,496 88,077 11,846 12,922 21,183 16,153 1,752 n.a. 1.134 

Dec ....... 129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 n.a. 1.062 
115 

IN TRO DUC TION: Exchange Stabi li za tion Fund 

To stabi lize the exchange value of the dollar, the Exchange Stabi li za tion Fund (ESF) was estab lished pursu ant to 

chapter 6, section 10 of the Gold Reserve Act of Janu ary 30, 

1934 (codi fied at 31 United States Code 5302), which authorized estab lish ment of a Treasury fund to be oper ated under the 

ex clu sive control of the Secre tary, with approval of the President. 

Sub se quent amendment of the Gold Reserve Act modified the origi nal purpose somewhat to reflect termi na tion of 

the fixed exchange rate system. 

Re sources of the fund include dollar balances, partially

in vested in U.S. Govern ment secu ri ties, spe cial drawing 

rights (SDRs), and balances of foreign curren cies. Princi pal 

sources of income (+) or loss (-) for the fund are profits (+) or 

losses (-) on SDRs and foreign exchange, as well as inter est 

earned on assets. 

• Ta ble ESF-1 pres ents the assets, lia bil i ties and capi tal 

of the fund. The figures are in U.S. dollars or their equiva lents 

based on current exchange rates computed accord ing to the accrual method of account ing. The capi tal account repre sents the 

orig i nal capi tal appro pri ated to the fund by Congress of $2 billion, minus a subse quent transfer of $1.8 billion to pay for the

ini tial U.S. quota subscrip tion to the Inter na tional Mone tary 

Fund. Gains and losses are reflected in the cumu la tive net income (+) or loss (-) account. 

• Ta ble ESF-2 shows the results of oper a tions by quarter. Figures are in U.S. dollars or their equiva lents computed

ac cord ing to the accrual method. “Profit (+) or loss (-) on foreign exchange” includes real ized profits or losses. “Adjustment for change in valu a tion of SDR holdings and allo ca tions”

re flects net gain or loss on reval u a tion of SDR holdings and allo ca tions for the quarter. 

TA BLE ESF-1.—Bal ances as of Oct. 1, 2000, and Dec. 31, 2000 

[In thousands of dollars. Source: Office of the Assis tant Secre tary of the Treasury for Manage ment] 

July 1, 2000, 

through 

Assets, lia bil i ties and capi tal Sept. 30, 2000 Sept. 30, 2000 Dec. 31, 2000 

As sets 

U.S. dollars: 

Held with Treasury: 

U.S. Govern ment secu ri ties ................. 11,028,570 -1,099,178 9,929,392 

Spe cial drawing rights 1 ....................... 10,316,415 222,123 10,538,538 

For eign exchange and secu ri ties: 

Euro pean euro ............................. 6,869,302 503,788 7,373,090 

Japa nese yen ............................. 8,733,757 -462,034 8,271,723 

Ac counts receiv able .......................... 146,839 23,593 170,432 

Total assets ............................... 37,094,883 -811,708 36,283,175 

Li a bil i ties and capi tal 

Cur rent lia bil i ties: 

Accounts payable .......................... 188,124 -137,576 50,548 

Total current lia bil i ties ..................... 188,124 -137,576 50,548 

Other lia bil i ties: 

SDR certif i cates ............................ 3,200,000 -1,000,000 2,200,000 

SDR allo ca tions ............................ 6,359,053 24,591 6,383,644 

Total other lia bil i ties ....................... 9,559,053 -975,409 8,583,644 

Cap i tal: 

Capi tal account ............................ 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ...... 27,147,706 301,277 27,448,983 

Total capi tal ............................. 27,347,706 301,277 27,648,983 

Total lia bil i ties and capi tal ................ 37,094,883 -811,708 36,283,175 

See footnote on the follow ing page. 
116 EX CHANGE STABI LI ZA TION FUND
 

TA BLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assis tant Secre tary of the Treasury for Manage ment] 

Current quarter Fis cal year to date 

Oct. 1, 2000, Oct. 1, 2000, 

through through 

Dec. 31, 2000 Dec. 31, 2000 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange .................................. 

Adjust ment for change in valu a tion 

of SDR holdings and allo ca tions1 ...................... 

Inter est (+) or net charges (-) on: 

SDRs............................................ 

U.S. Govern ment secu ri ties .......................... 

Foreign exchange .................................. 

Commis sions........................................ 

-57,589 -57,589 

17,609 17,609 

48,266 48,266 

177,476 177,476 

88,296 88,296 

- -

Income from oper a tions ........................... 274,058 274,058 

Net income (+) or loss (-) ........................ 274,058 274,058 

1 Be gin ning July 1974, the Inter na tional Mone tary Fund adopted a technique for valu ing the Note.—Annual balance sheets for fiscal 1934 through 1940 appeared in the 1940 “Annual 

SDRs based on a weighted aver age of exchange rates for the curren cies of selected member Re port of the Secre tary of the Treasury” and those for succeed ing years appeared in subsecoun tries. The U.S. SDR holdings and allo ca tions are valued on this basis begin ning July	 quent reports through 1980. Quarterly balance sheets begin ning with Decem ber 31, 1938,

have been published in the “Treasury Bulle tin.” Data from incep tion to Septem ber 30, 1978, 

may be found on the statements published in the Janu ary 1979 “Treasury Bulle tin.” 1974. 
FI NAN CIAL RE PORT OF THE UNITED STATES GOV ERN MENT, EX CERPT 119 

IN TRO DUC TION: Finan cial Report of the United States Govern ment 

The fol low ing pages are ex cerpted from the 2000 “Fi nan cial count ing sys tems Governmentwide. Trea sury also pres ents a 

Re port of the United States Gov ern ment.” The re port and ac - man age ment dis cus sion and anal y sis, the cus tom ary notes to 

com pa ny ing in for ma tion, pre pared and pub lished an nu ally by the fi nan cial state ments, a sec tion on “Stew ard ship In for mathe Fi nan cial Man age ment Ser vice, are mod eled af ter cor po- tion” and sup ple men tal in for ma tion, in the com plete doc urate-type re ports and are de vel oped on an ac crual ba sis of ac - ment. 

count ing. The Gen eral Ac count ing Of fice (GAO) is re quired by law to 

The ex cerpts rep re sent some of the most notewor thy in for- au dit the Fi nan cial Re port. GAO’s re port, as well as the comma tion con tained in the Fi nan cial Re port. Data for the Fi nan- plete Fi nan cial Re port, can be eas ily ac cessed through the in­ cial Re port are com piled from Fed eral pro gram agency ac- ternet at www.fms.treas.gov/cfs. 

Statement of Operations and Changes in 

Net Position 

This State ment re ports the re sults of Gov ern ment op er ations. This in cludes rev e nues prin ci pally gen er ated by the 

Gov ern ment’s sov er eign power to tax, levy du ties, and as sess 

fines and pen al ties. This State ment cov ers the cost of Govern ment op er a tions, net of rev e nue earned from the sale of 

goods and ser vices to the pub lic. It also in cludes any ad just­ ments and un rec on ciled trans ac tions that af fect the net po sition. 

Revenue 

“In di vid ual In come Tax and Tax With hold ings” con sist of 

Fed eral in di vid ual in come taxes, So cial Se cu rity taxes,

Medicare taxes, and rail road re tire ment taxes, net of re lated re -

funds. 

“Mis cel la neous Earned Rev e nues” con sist of earned rev e­ nues re ceived from the pub lic with vir tu ally no as so ci ated 

cost. This cat e gory in cludes rev e nues gen er ated by the Federal Com mu ni ca tions Com mis sion from the sale of spec trum

li censes to pro mote open-air com mu ni ca tion ser vices to the 

pub lic (spec trum auc tions). It also in cludes rents and roy alties on the Outer Con ti nen tal Shelf Lands re sult ing from the

leas ing and de vel op ment of min eral re sources on pub lic 

lands. 

Net Cost of Government Operations 

The State ment of Net Cost sum ma rizes the “Net Cost of 

Gov ern ment Op er a tions,” which is gross cost less earned rev e­ nue. 

Unreconciled Transactions 

“Un rec on ciled Trans ac tions” are ad just ments needed to net 

po si tion due to un rec on ciled and un ac counted for dif fer ences 

in the pro cess of con sol i dat ing all the agen cies’ fi nan cial state­ ments. 

Net Position, Beginning of Period 

The “Net Po si tion, Be gin ning of Pe riod” re flects the net po­ si tion re ported on the prior year’s Bal ance Sheet as of the end 

of that fis cal year. 

Prior Period Adjustments 

“Prior Pe riod Ad just ments” are re vi sions to ad just the be ginning net po si tion. Re fer to Note 17—Prior Pe riod Ad just ments 

for de tailed in for ma tion. 

Net Position, End of Period 

This amount re flects the net po si tion as of the end of the fis ­

cal year. 

Statement of Net Cost 

This State ment pres ents the net cost of fis cal 2000 Gov ern-
 ment op er a tions. It also shows the cost to carry out na tional
 

pri or i ties as de ter mined by law. 
 

It cat e go rizes costs by ma jor func tion. It pres ents costs in
 

much the same way as does the bud get, ex cept that costs are al­
 

lo cated to func tions based on Gen erally Ac cepted Ac count ing
 

Prin ci ples (GAAP). Thus, this State ment re ports costs on an 

ac crual ba sis and in some cases al lo cates them dif fer ently than 

the bud get. For ex am ple, this State ment al lo cates the cost of 

pen sions and post-retirement health ben e fits among all the 

func tions that em ploy work ers. The bud get cat e go rizes pension pay ments to ci vil ian re tir ees, mil i tary re tir ees and ben e fi­ cia ries as a subfunction un der “In come se cu rity.” 

The bud get cat e go rizes agency contri bu tions to re tire ment 

funds as intragovernmental out lays dis trib uted among all the 

func tions that em ploy work ers. A de scrip tion of each of the 

func tions and the com po nents of net cost for the ac tiv i ties included in each func tion is pre sented in Sup ple men tal In for ma­ tion as “Net cost de tail.” 

This State ment con tains the fol low ing three com po nents for
 

each func tion:
 

• The gross cost of Gov ern ment op er a tions.
 

• The rev e nues earned from the sale of goods and pro vi­
 

sion of ser vices to the pub lic. 

• The net cost of Gov ern ment op er a tions, which is gross 

cost less rev e nue earned. 

Gross Cost 

“Gross Cost” in cludes the full cost of all func tions. These 

costs may be di rectly traced, as signed on a cause-and-effect 

ba sis, or rea son ably al lo cated to the func tion. 

Earned Revenue 

This is rev e nue the Gov ern ment earned by pro vid ing goods

and ser vices to the pub lic at a price. 

Net Cost 

The “Net Cost” of Gov ern ment op er a tions is com puted by 

sub tract ing “Earned Rev e nue” from “Gross Cost.” 

Balance Sheet 

The Bal ance Sheet shows the Gov ern ment’s as sets and li abil i ties. When com bined with Stew ard ship In for ma tion, this 

in for ma tion pres ents a more com pre hen sive un der stand ing of 

the Gov ern ment’s fi nan cial po si tion. All of the line items on 

the Bal ance Sheet are de scribed in the Notes to the Fi nan cial 

State ments. For ex am ple, the first note pro vides in for ma tion 

on the ac count ing pol i cies for as sets and li a bil i ties. 
120 FI NAN CIAL RE PORT OF THE UNITED STATES GOV ERN MENT, EX CERPT 

United States Government 
 

Statement of Operations and Changes in Net Position 
 

for the Year Ended September 30, 2000
 

(In billions of dollars) 

Revenue: 

Individual income tax and tax withholdings ............................... 1,635.2 

Corporation income taxes ........................................... 204.3 

Unemployment taxes .............................................. 26.6 

Excise taxes..................................................... 69.3 

Estate and gift taxes............................................... 28.9 

Customs duties .................................................. 19.4 

Other taxes and receipts ............................................ 56.3 

Miscellaneous earned revenues....................................... 4.8 

Total revenue .................................................. 2,044.8 

Net Cost of Government Operations: 

National defense ................................................. 397.3 

Human resources................................................. 1,119.7 

Physical resources ................................................ 121.0 

Interest ........................................................ 230.2 

Other functions .................................................. 130.6 

Total net cost of Government operations ............................... 1,998.8 

Excess of revenue over net cost ...................................... 46.0 

Unreconciled transactions affecting the change 7.3 in net position (Note 16) .......................................... 

Increase in net position ............................................ 53.3 

Net position, beginning of period ..................................... (6,026.2) 

Prior period adjustments (Note 17) ...................................... 35.8 

Net position, end of period .......................................... (5,937.1) 

The ac com pa ny ing notes in the com plete doc u ment are an in te gral part of these fi nan cialstate ments. 
FI NAN CIAL RE PORT OF THE UNITED STATES GOV ERN MENT, EX CERPT 121 

United States Government 
 

Statement of Net Cost 
 

for the Year Ended September 30, 2000
 

Earned 

(In bil lions of dol lars) Gross C ost Rev e nue Net Cost 

National defense ................................. 408.7 11.4 397.3 

Hu man Re sources: 

Education, training, employment, and social services .............................. 56.6 3 .3 5 3.3 

Health ........................................ 152.9 1 .2 151 .7 

Medicare ...................................... 221.3 21.9 199 .4 

Income security .................................. 194.7 4 .9 189 .8 

Social Security .................................. 410.1 0 .0 410 .1 

Veterans benefits and services ....................... 117.6 2 .2 115 .4 

Total human resources ........................... 1,153.2 33.5 1,119.7 

Physical Resources: 

Energy ........................................ 16.2 13.7 2.5 

Natural resources and environment.................... 30.5 3 .8 2 6.7 

Commerce and housing credit........................ 108.2 77.4 3 0.8 

Transportation ................................... 48.6 0 .1 4 8.5 

Community and regional development .................. 15.3 2 .8 1 2.5 

Total physical resources........................... 218.8 97.8 121 .0 

Interest ......................................... 230.2 0 .0 230 .2 

Other Functions: 

International affairs ............................... 26.9 3 .0 2 3.9 

General science, space, and technology ................ 17.7 0 .1 1 7.6 

Agriculture...................................... 39.1 3 .9 3 5.2 

Administration of justice ............................ 37.3 2 .9 3 4.4 

General government............................... 23.9 4 .4 1 9.5 

Total other functions ............................. 144.9 14.3 130 .6 

Total....................................... 2,155.8 157.0 1,998.8 
122 FI NAN CIAL RE PORT OF THE UNITED STATES GOV ERN MENT, EX CERPT 

United States Government 

Balance Sheet 

as of September 30, 2000 

(In billions of dollars) 

Assets : 

Cash and other monetary assets (Note 2)........................ 104.9 

Accounts receivable (Note 3) ................................. 32.3 

Loans receivable (Note 4) ................................... 207.6 

Taxes receivable (Note 5).................................... 23.3 

Inventories and related property (Note 6) ........................ 185.2 

Property, plant, and equipment (Note 7) ......................... 298.5 

Other assets (Note 8) ...................................... 59.7 

Total assets............................................ 911.5 

Liabilities : 

Accounts payable (Note 9)................................... 91.0 

Federal debt securities held by the public (Note 10)................. 3,408.5 

Federal employee and veteran benefits payable (Note 11) ............ 2,757.8 

Environmental and disposal liabilities (Note 12) .................... 301.2 

Benefits due and payable (Note 13) ............................ 77.8 

Loan guarantee liabilities (Note 4) ............................. 37.3 

Other liabilities (Note 14).................................... 175.0 

Total liabilities .......................................... 6,848.6 

Commitments and contingencies (Note 18) 

Net Position ............................................ (5,937.1) 

Total liabilities and net position .............................. 911.5 

The ac com pa ny ing notes in the com plete doc u ment are an in te gral part of these fi nan cialstate ments. 
123 

IN TRO DUC TION: Airport and Airway Trust Fund 

The Air port and Air way Trust Fund was es tab lished on 

the books of Trea sury in fis cal 1971, ac cord ing to pro vi sions 

of the Air port and Air way Rev e nue Act of 1970 [49 United 

States Code 1742(a), re pealed]. The Tax Equ ity and Fiscal 

Re spon si bil ity Act of 1982 (Pub lic Law 97-248, dated Sep ­

tem ber 3, 1982) re es tab lished the trust fund in the In ter nal

Rev e nue Code (26 United States Code 9502) effec tive Sep ­ tem ber 1, 1982. 

Trea sury trans fers from the gen eral fund to the trust fund 

amounts equiv a lent to the taxes re ceived from trans por ta tion

of per sons and prop erty by air, gas o line and jet fuel used in 

com mer cial and non com mer cial air craft, and an in ter na tional 

de par ture tax. The Om ni bus Bud get Rec on cil i a tion Act of 

1990 (Public Law 101-508, dated No vem ber 5, 1990) in -

creased rates for the ex cise taxes trans ferred to the fund. 

Trea sury bases these trans fers on es ti mates made by the 

Sec re tary of the Trea sury. These are sub ject to ad just ments in 

later trans fers in the amount of ac tual tax re ceipts. 

The Tax payers Re lief Act of 1997 (Pub lic Law 105-34), 

ef fec tive Oc to ber 1, 1997, ex tended the avi a tion ex cise taxes 

for 10 years. The Act in cluded other pro vi sions that: 

• Re tained the ex ist ing freight way bill and gen eral avi ation fuel/gas taxes. It also re tained a spe cial rule applied to 

flights be tween the con ti nen tal United States and Alaska or 

Ha waii. The $6 de par ture tax is in dexed to the Consumer Price 

In dex. Ef fec tive fiscal year 2001, the tax is $6.40. 

• Con verted the 10 per cent ad va lo rem tax on do mes tic

pas sen ger tick ets to a com bi na tion of ad va lo rem/flight seg ­

ment tax over 3 years, be gin ning Oc to ber 1, 1997. Be gin ning 

Oc to ber 1999 through Sep tem ber 30, 2007, the tax is 7.5 per- cent, plus in 2001, a $2.75 tax per seg ment. 

• Im posed a new 7.5 per cent tax on pay ments to air lines 

for fre quent flyer and sim i lar awards by banks and credit card 

com pa nies, mer chants and fre quent flyer program partners, 

such as other air lines, ho tels or rental car com pa nies, and other

busi nesses. 

• In creased the cur rent $6 in ter na tional de par ture tax to 

$12 per pas sen ger and added a $12 in ter na tional ar rival tax, in­ dexed to the Con sumer Price In dex. Ef fec tive 2001, the tax is 

$12.80. 

• Lowered tax rates on flights to cer tain ru ral air ports to

7.5 per cent with out a flight seg ment com po nent. 

• Trans ferred rev e nues from the 4.3 cents-per-gallon avi­ a tion fuel tax ded i cated to re duc ing the na tional def i cit from 

the gen eral fund to the Air port and Air way Trust Fund. 

When the pro vi sions of 26 United States Code 9602(b) 

are met, amounts avail able in the fund ex ceed out lay re quirements, Trea sury in vests ex cess amounts in pub lic debt se cu rities and cred its the in ter est to the fund. Ad di tional sums from 

the gen eral fund also are cred ited as au tho rized and made 

avail able, by law, if they are needed to meet out lay re quirements. 

Trea sury makes avail able to the Fed eral Avi a tion Ad minis tra tion (FAA), Depart ment of Transpor ta tion (DOT), 

amounts re quired for out lays to carry out the Air port and Air- way pro gram. The Secre tary of the Treasury makes other 

charges to the trust fund to trans fer cer tain re funds of taxes and 

cer tain out fits, un der sec tion 34 of the In ter nal Rev e nue Code 

(IRC). 

An nual re ports to Con gress, re quired by 26 U.S.C. 9602 

(a), are sub mit ted by the Sec re tary of the Trea sury, af ter con­ sul ta tion with the Sec re tary of Trans por ta tion. These re ports 

are re quired to cover the fi nan cial con di tion and re sults of op­ er a tions of the fund dur ing the past fis cal year and those expected dur ing the next 5 fis cal years. 
............................................................... 

124 TRUST FUNDS 

TA BLE TF-10.—Air port and Air way Trust Fund 

Re sults of Op er a tions, Fis cal 2000 

[Source: DOT] 

De scrip tion IRC sec tion (26 United States Code) Amount 

Bal ance Oct. 1, 1999.......................................... ............................................... $12,444,459,620 

Re ceipts:

Ex cise taxes (trans ferred from gen eral fund): 

Liq uid fuel other than gas o line ............................... 4041........................................... 217,286,000 Gas o line ................................................ 4081........................................... 714,949,000 

Trans por ta tion by airseats, berths, etc. ......................... 4261 (a) (b) ..................................... 7,003,361,000 Use of in ter na tional travel fa cil i ties ............................ 4261 (c) ........................................ 1,348,518,000 

Trans por ta tion of prop erty, cargo ............................. 4271........................................... 500,327,000 

Gross ex cise taxes...................................................................................... 9,784,441,000 

Less re funds of taxes (re im bursed to gen eral fund):

Liq uid fuel other than gas o line ................................. 4041........................................... 29,783,189 Gas o line .................................................. ............................................... 15,777,422 

Air line tax ex pired........................................... ............................................... 200,524 

To tal re funds of taxes ..................................................................................... 45,761,135 

Net taxes................................................ ............................................... 9,738,679,865 

In ter est on in vest ments ..................................................................................... 805,233,167 

To tal re ceipts............................................. ............................................... 10,543,913,032 

Off setting col lec tions .......................................... ............................................... 144,176,244 

Ex penses:

Op er a tions ................................................ ............................................... 5,222,078,448 

Grants in aid............................................... ............................................... 1,578,022,015 

Fa cil ities and equip ment..................................................................................... 2,076,738,648 

Re search, en gi neer ing and de vel op ment......................... ............................................... 165,971,391 

Air car ri ers ................................................ ............................................... 88,630 

To tal ex penses ........................................... ............................................... 9,042,899,132 

Off setting col lec tions .......................................... ............................................... 144,176,224 

Per ma nently can celled balances ................................................................................ 10,572,995 

Bal ance Sept. 30, 2000........................................ ............................................... $13,934,900,525 

TA BLE TF-10.—Air port and Air way Trust Fund, 
 

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005
 

[In mil lions of dol lars. Source: DOT] 

2001 2002 2003 2004 

Bal ance Oct.1 .................................................... 13,934 15,633 16,680 17,843 19,357 

Re ceipts:

Ex cise taxes, net of re funds....................................... 10,414 11,183 11,875 12,578 13,311 

In ter est on in vest ments........................................... 871 996 1,120 1,273 1,477 

Off setting col lec tions............................................. 96 96 96 96 

To tal re ceipts................................................. 11,381 12,275 13,091 13,947 14,884 

Ex penses: 

Out lays ....................................................... Off setting col lec tions............................................. -9,586 

-96 

-11,132 

-96 

-11,832 

-96 

-12,337 

-96 

-12,855 

Bal ance Sept. 30 ................................................. 15,633 16,680 17,843 19,357 21,290

2005 

96 

-96 
125 

IN TRO DUC TION: Hazard ous Substance Superfund 

The Haz ard ous Sub stance Re sponse Trust Fund was estab lished on the books of the Trea sury in fis cal 1981, in ac cor­ dance with sec tion 221 of the Haz ard ous Sub stance Re sponse 

R ev e nue Act of 1980 [42 United States Code 9631(a), repealed]. The trust fund was renamed the Haz ard ous Sub stance 

Superfund (Superfund) and re lo cated in ac cor dance with section 517 of the Superfund Amend ments and Reauthorization 

Act of 1986 [Pub lic Law 99-499, dated Oc to ber 17, 1986 (26

United States Code 9507)]. 

The author ity to collect excise taxes on pe tro leum and 

chem i cals, and an en vi ron men tal tax for all cor po ra tions with 

mod i fied al ter na tive tax able in come in ex cess of $2 mil lion,

ex pired in 1995. To imple ment the Superfund program, 

amounts are ap pro pri ated from the Superfund to the En vi ronmen tal Pro tec tion Agency (EPA) for pro gram matic and admin is tra tive expenses. 

An an nual re port to Con gress by the Sec re tary of Treasury is re quired by 26 United States Code 9602(a). These reports pres ent the fi nan cial con di tion of the Superfund and the

re sults of op er a tion for the past fis cal year, and its ex pected 

con di tion dur ing the next 5 fis cal years. 

TA BLE TF-14.—Haz ard ous Sub stance Superfund 

Re sults of Op er a tions, Fis cal 2000 

[Source: EPA] 

Bal ance Oct. 1, 1999 ................................................................................................... .. $1,499,000,000 

Re ceipts: 

Crude and pe tro leum ................................................................................................... 230,000 

Cer tain chem i cals ................................................................................................... ... 2,200,000 

Cor po rate en vi ron men tal ................................................................................................ 3,000,000 

Gen eral fund ap pro pri a tion ............................................................................................... 700,000,000 

Cost re cov er ies........................................................................................................ 231,000,000 

Fi nes and pen al ties................................................................................................... .. 1,000,000 

In ter est on in vest ments.................................................................................................. 226,000,000 

To tal re ceipts........................................................................................................ 1,163,430,000 

Ex penses: 

EPA ex pense ................................................................................................... ...... 1,291,767,000 

Na tional Oce anic and At mo spheric Ad min is tra tion expense ..................................................................... 2,450,000 

Fed eral Emer gency Man age ment Ad min is tra tion ex pense ...................................................................... 1,100,000 

Agency for Toxic Sub stance and Dis ease Reg is try and Na tional In sti tute of En vi ron men tal Health Sci ences expense ........................ 70,000,000 

De part ment of In te rior ex pense ........................................................................................... 1,000,000 

Oc cu pa tional Safety and Health Ad min is tra tion ............................................................................... 650,000 

De part ment of Jus tice ex pense ........................................................................................... 28,663,000 

U.S. Coast Guard ex pense ............................................................................................... 4,800,000 

To tal ex penses ................................................................................................... ... 1,400,430,000 

Bal ance Sept. 30, 2000 ................................................................................................... $1,262,000,000 

TA BLE TF-14.—Haz ard ous Sub stance Superfund, con.
 

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005
 

[In mil lions of dol lars. Source: EPA] 

2001 2002 2003 2004 

Bal ance Oct. 1 ............................................... 1,262 955 539 109 362 

Re ceipts: 

In ter est on in vest ments ...................................... 199 118 105 84 59 

Re cov eries, fines and pen al ties ................................ 203 178 178 178 178 

Taxes .................................................... - - - - -

Gen eral rev e nues........................................... 634 634 633 651 670 

To tal re ceipts ............................................ 1,036 930 916 913 907 

Appropriations ............................................... 1,342 1,346 1,345 1,383 1,422 

Bal ance Sept. 30 ............................................. 955 539 109 -362 -878 

 2005 
126 

IN TRO DUC TION: Highway Trust Fund 

The High way Trust Fund was es tab lished on the books of 

the Treasury in fiscal 1957, ac cord ing to pro vi sions of the 

High way Rev e nue Act of 1956 (Act of June 29, 1956, chap ter 

462, sec tion 209). It has been amended and ex tended by var ious high way, sur face trans por ta tion and other acts since 1959.

Sec tion 9002 of the Transpor ta tion Equity Act for the 21st 

Cen tury (TEA-21) (Pub lic Law 105-178) ex tended the Highway Trust Fund and its taxes through Sep tem ber 30, 2005.

Amounts equiv a lent to taxes on gas o line, die sel fuel, special mo tor fu els, cer tain tires, heavy trucks and trail ers, and 

heavy ve hi cle use are des ig nated by the Act to be ap pro pri ated 

and trans ferred from the gen eral fund of the Trea sury to the 

trust fund. These trans fers are made twice monthly based on 

es ti mates by the Sec re tary of the Trea sury, sub ject to later ad- just ments to re flect the amount of ac tual tax re ceipts. Amounts 

avail able in the fund ex ceed ing out lay re quire ments are invested in non-interest-bearing pub lic debt se cu ri ties. 

Within the fund is a mass tran sit ac count, funded by a portion of the ex cise tax col lec tions un der sec tions 4041 and 4081 

of the IRC (ti tle 26 United States Code). The funds from this 

ac count are used for ex pen di tures in ac cor dance with sec tion 

5338 of ti tle 49 United States Code, the Intermodal Sur face 

Transportation Ef fi ciency Act of 1991 (Pub lic Law 102-240), 

or the TEA-21. The re main ing ex cise taxes are in cluded in a 

separate ac count within the trust fund com monly re ferred to as 

the highway account. Expenditures from this account are 

made accord ing to the pro vi sions of var i ous trans por ta tion 

acts. 

Amounts re quired for out lays to carry out the el i gi ble sur­ face trans por ta tion pro grams are made avail able to the re sponsi ble oper at ing admin is tra tions within the Depart ment of 

Transportation. Other charges to the trust fund are made by the 

Sec re tary of the Trea sury for trans fer of cer tain taxes to the 

Land and Water Conservation Fund and the Aquatic Resources Trust Fund. Funds also are trans ferred to the gen eral 

fund of the Trea sury for the pay ment of tax re funds. 

The Sec re tary of the Trea sury, in con sul ta tion with the 

Sec re tary of Trans por ta tion, is re quired to sub mit an nual re- ports to Con gress by sec tion 9602(a) of ti tle 26 United States 

Code. These re ports cover the fi nan cial con di tion and re sults 

of op er a tions of the fund for the past fis cal year and ex pected 

con di tion and op er a tions dur ing the next 5 fis cal years. 

TA BLE TF-15.—High way Trust Fund 

Re sults of Op er a tions, Fis cal 2000 

[Source: DOT] 

De scrip tion IRC sec tion (26 United States Code) Amount 

Bal ance Oct. 1, 1999 ................................................................................................... $28,959,376,656 

Re ceipts: 

Ex cise taxes (trans ferred from gen eral fund): 

Gas o hol .................................................. 6427 .................................................... 1,808,897,000 

Gas man u fac ture gas o hol .................................... 4041 .................................................... -

Trucks, buses, trail ers ....................................... 4061 (a) (1)............................................... -

Die sel and spe cial mo tor fu els ................................. 4041 (a) (b)............................................... 8,419,659,000 

Trucks .................................................... 4051 (a) .................................................. 4,684,280,000 

Gas o line.................................................. 4081 .................................................... 21,297,638,000 

Tires used on high way ve hi cles ................................4071 (a) (1)............................................... -

Cash Man age ment Im prove ment Act Interest ..................... 4071 .................................................... 163,330 

Use of cer tain ve hi cles ....................................... 4481 .................................................... -

Fi nes and pen al ties .................................................................................................. 12,909,380 

To tal taxes................................................................................................... ..... 36,223,546,710 

Less: Trans fer to land and wa ter con ser va tion fund................. 4081 .................................................... 1,000,000 

Trans fer to aquatic re serve .................................. 4041 .................................................... 235,336,000 

Gross taxes................................................................................................... ...... 35,987,210,710 

Less re funds of taxes (re im bursed to gen eral fund): 

Die sel-powered ve hi cle ..................................... 39 & 6420................................................. 110,000 

Gas o line 9.1/14.1 ......................................... 6421 .................................................... 271,720,214 

Gas o hol 3.1/8.7 ............................................ 6427 .................................................... 13,969,000 

Die sel 15.1/20.1 ............................................ 4081 .................................................... 483,030,162 

Spe cial mo tor fuel 9.1/14.1 .................................... 4081 .................................................... -2,831,330 

Gas o line.................................................. 6412..................................................... -

Gas to make gas o hol ........................................ 4041 .................................................... 186,113,900 

Die sel fuel, bus use ......................................... 4041 .................................................... 62,321,250 

Die sel .................................................... 4081 .................................................... -

Ex empt use ................................................................................................... ..... -

To tal re funds of taxes ............................................................................................. 1,014,433,196 

Net taxes ................................................................................................... ...... 34,972,777,514 

In vest ment in come: 

In ter est on in vest ments ................................................................................................ -

Ac crued in ter est in come .............................................................................................. -

To tal in vest ment in come ............................................................................................. -

Net re ceipts ................................................................................................... .. $34,972,777,514 
TRUST FUNDS 127 

TA BLE TF-15.—High way Trust Fund 

Re sults of Op er a tions, Fis cal 2000, con. 

[Source: DOT] 

IRC sec tion 

De scrip tion (26 United States Code) Amount 

Ex penses: 

Fed eral aid to high ways ................................................................................................. $24,936,139,454 

Right-of-way re volv ing fund .............................................................................................. -49,264,849 

Na tional High way Traf fic Safety Ad min is tra tion ............................................................................... 264,129,304 

Trust fund share of high way pro grams ..................................................................................... -

Bal ti more-Washington Park way ........................................................................................... -

High way safety re search and de vel op ment .................................................................................. -129,340 

Mount St. Helen’s (Agriculture) ............................................................................................ 22,030 

High way-related safety grants ............................................................................................ 505,971 

Al a bama high way by pass dem on stra tion .................................................................................... 521,804 

Ur ban air port ac cess safety dem on stra tion .................................................................................. -

Intermodalur ban dem on stra tion ........................................................................................... 4,827,349 

Uni ver sity trans por ta tion cen ter ........................................................................................... -

Carpool andvanpool grants .............................................................................................. -

Met ro pol i tan plan ning pro ject ............................................................................................. 5,286 

Na tional Park Ser vice con struc tion......................................................................................... 1,493,376 

Mo tor car rier safety grants/ad min is tra tion.................................................................................... 155,121,862 

Mass tran sit........................................................................................................... 7,477,894,568 

Safety im prove ment pro ject .............................................................................................. 246,706 

Safety eco nomic de vel op ment dem on stra tion pro ject .......................................................................... 223,755 

Rail road ad min is tra tion .................................................................................................. 2,713,592 

Ve hic u lar and pe des trian safety dem on stra tion ............................................................................... 15,255 

High way dem on stra tion ................................................................................................. 26,486,444 

Cor ri dor safety im prove ment.............................................................................................. 1,087,940 

Bridge ca pac ity im prove ment ............................................................................................. 189,404 

High way rail road grade cross ing........................................................................................... 5,732,561 

Ur ban high way/cor ri dor bi cy cle trans por ta tion dem on stra tion .................................................................... 240,731 

Nu clear waste trans por ta tion safety ........................................................................................ -

Ken tucky bridge dem on stra tion pro gram .................................................................................... -

Penn syl va nia re con struc tion dem on stra tion pro ject ........................................................................... -

Mineola grade cross ing .................................................................................................. 2,240,472 

Tran sit pro gram ................................................................................................... ..... -

Climbing lane and high way safety demonstration projects....................................................................... 607,391 

High way demonstration ................................................................................................. 

To tal ex penses ................................................................................................... ... 32,830,905,859 

Out lays: 

Out lays to Cash Man age ment Im prove ment Act .............................................................................. 259,987 

Bal ances ex pired or per ma nently cancelled.................................................................................... -

Bal ance Sept. 30, 2000 ................................................................................................... $31,100,988,324 

173 
128 TRUST FUNDS 

TA BLE TF-15.—High way Trust Fund, con. 

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005 

[In bil lions of dol lars. Source: DOT] 

Com bined State ment High way and Mass Tran sit Ac counts 

2001 2002 2003 2004 2005 

Bal ance Oct. 1 ...................................................... 31.1 32.6 32.9 33.3 33.4 

Re ceipts: 

Ex cise taxes, net of re funds .......................................... 35.4 36.5 37.6 38.7 39.8 

In ter est, net....................................................... - - - - -

To tal re ceipts.................................................... 35.4 36.5 37.6 38.7 

Out lays............................................................ 33.6 36.2 337.5 38.6 

Bal ance Sept. 30 .................................................... 32.6 32.9 33.0 33.4 

Mass Tran sit Ac count 

2001 2002 2003 2004 

Bal ance Oct. 1 ...................................................... 8.5 7.2 6.0 4.9 3.9 

Re ceipts: 

Ex cise taxes, net of re funds .......................................... 4.7 4.8 4.9 5.0 5.1 

In ter est, net....................................................... - - - - -

To tal re ceipts.................................................... 4.7 4.8 4.9 5.0 5.1 

Out lays ............................................................ 6.0 6.0 6.0 6.0 6.0 

Bal ance Sept. 30 .................................................... 7.2 6.0 4.9 3.9 3.0 

High way Ac count 

2001 2002 2003 2004 

Bal ance Oct. 1 ...................................................... 22.6 25.7 27.2 28.4 29.5 

Re ceipts: 

Ex cise taxes, net of re funds.......................................... 30.7 31.7 32.7 33.7 34.7 

In ter est, net ....................................................... - - - - -

To tal re ceipts.................................................... 30.7 31.7 32.7 33.7 34.7 

Out lays ............................................................ 27.6 30.2 31.5 32.6 33.7 

Bal ance Sept. 30 .................................................... 25.7 27.2 28.4 29.5 30.5 

Un funded au tho ri za tions (EOY)......................................... - - - - -

24-month rev e nue es ti mate............................................ - - - - -

39.8 

39.7 

33.5 

 2005 

 2005 
129
 

TA BLE TF-15A.—High way Trust Fund 

The follow ing in for ma tion is re leased ac cord ing to the 

pro vi sions of the Byrd Amend ment to theIntermodalSur face 

Trans por ta tion Ef fi ciency Act of 1991 [cod i fied at 26 United 

States Code 9503(d)] and repre sents data concern ing the 

High way Trust Fund. The fig ure de scribed as “un funded au- tho ri za tions” is the lat est es ti mate re ceived from the DOT for 

fis cal 2002. 

The 24-month reve nue esti mates for the highway and 

mass transit accounts, respec tively, include the latest esti­ mates re ceived from Trea sury’s Of fice of Tax Anal y sis for excise taxes, net of re funds. They rep re sent net high way re ceipts 

for those pe ri ods be gin ning at the close of fiscal 2002. 

High way Ac count 

[In bil lions of dol lars. Source: DOT] 

Com mit ments (unobligated bal ances plus un paid ob li ga tions, EOY ) ..................................................................... 75.6 

less: 

Cash bal ance ( EOY) ................................................................................................... ....... 27.2 

Un funded au tho ri za tions (EOY).................................................................................................. 48.4 

24-month rev e nue es ti mate (fis cal 2003 and 2004) .................................................................................. 66.4 

Mass Transit Ac count 

[In mil lions of dol lars. Source: DOT] 

Com mit ments (unobligated bal ances plus un paid ob li ga tions, EOY ) ..................................................................... 0.4 

less: 

Cash bal ance ( EOY) ................................................................................................... ....... 6.0 

Un funded au tho ri za tions (EOY).................................................................................................. -5.6 

24-month rev e nue es ti mate (fis cal 2003 and 2004) .................................................................................. 9.9 
130
 

IN TRO DUC TION: Leaking Un der ground Stor age Tank Trust Fund
 

The Leaking Un der ground Stor age Tank (LUST) Trust 

Fund was es tab lished in fis cal 1981 ac cord ing to pro vi sions of 

the Compre hen sive En vi ron men tal Re sponse, Com pen sa tion 

and Li a bil ity Act of 1980 (Pub lic Law 96-510, cod i fied at 26 

United States Code 9508), as amended by the Superfund

Amend ments and Re-authorization Act of 1986 (Pub lic Law 

99-499, dated Octo ber 17, 1986), sections 13163(c) and 

13242(d)(42) of the Omni bus Bud get Rec on cil i a tion Act of 

1993 (Pub lic Law 103-66, dated Au gust 10, 1993), and sec tion 

1032(e)(13) of the Tax payer Re lief Act of 1987 (Pub lic Law 

105-34, dated Au gust 5, 1997). 

The LUST Trust Fund is fi nanced by taxes col lected on 

gas o line, die sel fu els, spe cial mo tor fu els, avi a tion fu els and 

fu els used in com mer cial trans por ta tion on in land wa ter ways. 

Amounts avail able in the LUST Trust Fund, ex ceed ing cur- rent ex pen di ture re quire ments, are in vested by the Sec re tary 

of the Treasury in inter est-bearing Govern ment secu ri ties 

(e.g., Trea sury bills). All in ter est earned is cred ited di rectly to 

the LUST Trust Fund. 

To carry out the LUST pro gram, amounts are ap pro priated for the LUST Trust Fund to the EPA for pro gram matic

and ad min is tra tive ex penses. 

An annual report to Congress by the Secre tary of the 

Trea sury is re quired by 26 United States Code 9602(a). These 

re ports pres ent the fi nan cial con di tion of the LUST Trust Fund 

and re sults of op er a tions for the past fis cal year and its expected con di tion and op er a tions dur ing the next 5 fis cal years. 

TA BLE TF-17.—Leaking Un der ground Stor age Tank Trust Fund 

Re sults of Op er a tions, Fis cal 2000 

[Source: EPA] 

Bal ance Oct. 1, 1999............................................................................................. $1,377,000,000 

Re ceipts: 

Taxes ................................................................................................... .... 184,000,000 

In ter est...................................................................................................... 77,000,000 

Gross tax re ceipts ............................................................................................ 261,000,000 

Undisbursed bal ances: 

EPA LUST bal ances ........................................................................................... 70,000,000 

To tal undisbursed bal ances .................................................................................... 70,000,000 

Ex penses: 

EPA LUST ex penses ........................................................................................... 64,000,000 

To tal ex penses.............................................................................................. 64,000,000 

Bal ance Sept. 30, 2000........................................................................................... $1,574,000,000 

TA BLE TF-17.—Ex pected Con di tion and Re sults of Op er a tions 

Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005 

[In millions of dollars. Source: EPA] 

2001 2002 2003 2004 2005 

Bal ance Oct. 1 ...................................................... $1,574.00 1,768.00 1,983.00 2,218.00 2,500.00 

Re ceipts: 

Taxes ........................................................... 185.00 190.00 196.00 200.00 207.00 

Interest .......................................................... 86.90 96.79 112.69 124.89 138.23 

To tal re ceipts.................................................... 271.90 286.79 308.69 324.89 345.23 

Expenses.......................................................... 72.00 72.00 74.00 76.00 78.00 

Bal ance Sept. 30 .................................................... $1,768.00 1,983.00 2,218.00 2,500.00 2,734.00 
TRUST FUNDS 131 

CHARTS TF-D and E.—Major Trust Funds 

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various
 

Government agencies. See tables TF-10, TF-12, TF-14, TF-15 and TF-18
 in the March and June issues of the Treasury Bulletin.]
 

1800 

In ter est on
 

1500 

In vest ments, 

Fis cal 1999-2000
 

1200 

900 

1999 2000 

(In millions of dol lars) 

600 

300 

* In ter est on these in vest ments 

0 was zero. 

Airport 

and 

Airw ay 

Trust Fund 

Re ceipts and 

Ex penses, 

Fis cal 2000 

Receipts 

Expenses 

(In bil lions of dol lars) 

Hazardous Nuclear * Highway 

Substance Wast e Trust Fund 

S uperfund Fund 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Highway Airport Hazardous Nuc lear Black 

Trust Fund and Substanc e Wa ste Lung 

Airway Superfund Fund Trust Fund 

Trust Fund 
132 TECH NI CAL PA PERS 

Re search Paper Series 

Avail able through the Of fice of the As sis tant Sec re tary for Eco nomic Pol icy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham and John S. Greenlees . February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E.Duggan, Robert Gillingham and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan , Robert 

Gillingham and John S. Greenlees . November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham and John S. Greenlees . January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil. 

December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

Copies may be ob tained by writ ing to: 

Ann Bailey, De part ment of the Trea sury 

1500 Penn syl va nia Ave., NW., Room 4422 

Wash ing ton, D.C. 20220 

Tele phone (202) 622-1519, or fax (202) 622-1294 or 622-2563. 
133
 

Glos sary
 

With Refer ences to Appli ca ble Sections and Tables 

Source: Finan cial Manage ment Service 

Ac crued discount (SBN-1, -2, -3)—In ter est that accu mu lates 

on savings bonds from the date of purchase until the date of redemp tion or final matu rity, whichever comes first. Series A, B, 

C, D, E, EE, F, I and J are discount or accrual type

bonds—mean ing princi pal and inter est are paid when bonds 

are redeemed. Series G, H, HH and K are current-income 

bonds, and the semian nual inter est paid to their holders is not 

in cluded in accrued discount. 

Amounts outstand ing and in circu la tion (USCC)—In­ cludes all issues by the Bureau of the Mint purposely intended 

as a medium of exchange. Coins sold by the Bureau of the Mint 

at premium prices are excluded; however, uncirculated coin 

sets sold at face value plus handling charge are included. 

Aver age discount rate (PDO-2, -3)—In Treasury bill auctions, purchas ers tender compet i tive bids on a discount rate basis. The aver age discount rate is the weighted, or adjusted,

av er age of all bids accepted in the auction. 

Bud get author ity (“Federal Fiscal Oper a tions”)—Congress passes laws giving budget author ity to Govern ment entities, which gives the agencies the power to spend Federal 

funds. Congress can stipu late vari ous crite ria for the spending 

of these funds. For exam ple, Congress can stipu late that a 

given agency must spend within a specific year, number of 

years, or any time in the future. 

The basic forms of budget author ity are appro pri a tions, au­ thor ity to borrow, con tract author ity, and author ity to obli gate 

and expend offset ting receipts and collec tions. The period of 

time during which Congress makes funds available may be

spec i fied as 1-year, multi ple-year or no-year. The available 

amount may be classi fied as either defi nite or indef i nite; a specific amount or an unspec i fied amount can be made available. 

Au thor ity also may be classi fied as current or perma nent. Perma nent author ity requires no current action by Congress. 

Bud get defi cit—The total, cumu la tive amount by which bud- get outlays (spending) exceed budget receipts (income). 

Cash manage ment bills (PDO-2)—Mar ket able Treasury 

bills of irreg u lar matu rity lengths, sold peri od i cally to fund 

short-term cash needs of Treasury. Their sale, having higher

min i mum and multi ple purchase require ments than those of 

other issues, is gener ally restricted to compet i tive bidders. 

Com pet i tive tenders (“Trea sury Financing Oper ations”)—A bid to purchase a stated amount of one issue of

Trea sury secu ri ties at a speci fied yield or discount. The bid is 

ac cepted if it is within the range accepted in the auction. (See

Non com pet i tive tenders.) 

Cou pon issue—The issue of bonds or notes (public debt). 

Cur rency no longer issued (USCC)—Old and new series 

gold and silver certif i cates, Federal Reserve notes, national 

bank notes and 1890 Series Treasury notes. 

Cur rent income bonds (“U.S. Savings Bonds and 

Notes”)—Bonds paying semian nual inter est to holders. Interest is not included in accrued discount. 

Debt outstand ing subject to limi ta tion (FD-6)—The debt 

in curred by the Treasury subject to the statu tory limit set by

Con gress. Until World War I, a specific amount of debt was 

au tho rized to each sepa rate secu rity issue. Begin ning with the 

Sec ond Liberty Loan Act of 1917, the nature of the limi ta tion 

was modi fied until, in 1941, it devel oped into an overall limit 

on the outstand ing Federal debt. As of March 2001, the debt 

limit was $5,950,000 million; the limit may change from year 

to year. 

The debt subject to limi ta tion includes most of Treasury’s 

pub lic debt except secu ri ties issued to the Federal Financing 

Bank, upon which there is a limi ta tion of $15 billion, and certain cate go ries of older debt (total ing approx i mately $595 million as of Febru ary 1991). 

Dis count—The inter est deducted in advance when purchasing notes or bonds. (See Accrued discount.) 

Dis count rate (PDO-2)—The differ ence between par value 

and the actual purchase price paid, annu al ized over a 360-day 

year. Be cause this rate is less than the actual yield (coupon-equivalent rate), the yield should be used in any compar i- son with coupon issue secu ri ties. 

Dol lar coins (USCC)—In clude standard silver and nonsilver 

coins. 

Do mes tic series (FD-2)—Non mar ket able, inter est and 

non-interest-bearing secu ri ties issued peri od i cally by Trea­ sury to the Reso lu tion Funding Corpo ra tion (RFC) for investment of funds autho rized under section 21B of the Federal 

Home Loan Bank Act (12 United States Code 1441b). 

Fed eral intrafund transac tions (“Federal Fiscal Oper ations”)—Intrabudgetary transac tions in which payments and 

re ceipts both occur within the same Federal fund group (Federal funds or trust funds). 

Fed eral Reserve notes (USCC)—Is sues by the U.S. Govern­ ment to the public through the Federal Reserve Banks and 

their member banks. They repre sent money owed by the Govern ment to the public. Currently, the item “Federal Reserve 

notes—amounts outstand ing” consists of new series issues. 

The Federal Reserve note is the only class of currency currently issued. 

For eign (“Foreign Currency Posi tions,” IFS-2, -3)—Lo cations other than those included under the defi ni tion of the 

United States. (See United States.) 

For eigner (“Capi tal Movements,” IFS-2)—All insti tu tions 

and indi vid u als living outside the United States, includ ing 

U.S. citi zens living abroad, and branches, subsid iar ies, and 

other affil i ates abroad of U.S. banks and business concerns;

cen tral govern ments, central banks, and other offi cial insti tu­ tions of countries other than the United States; and inter national and regional orga ni za tions, wherever located. Also 

re fers to persons in the United States to the extent that they are 

known by report ing insti tu tions to be acting for foreign ers. 

For eign offi cial insti tu tions (“Capi tal Movements”)—Includes central govern ments of foreign countries, includ ing all 
134
 

Glos sary
 

de part ments and agencies of national govern ments; central 

banks, exchange author i ties, and all fiscal agents of foreign

na tional govern ments that under take activ i ties simi lar to those 

of a treasury, central bank, or stabi li za tion fund; diplo matic 

and consular estab lish ments of foreign national govern ments; 

and any inter na tional or regional orga ni za tion, includ ing subor di nate and affil i ate agencies, created by treaty or conven tion

be tween sover eign states. 

For eign public borrower (“Capi tal Movements”)—Includes foreign offi cial insti tu tions, as defined above, the cor­ po ra tions and agencies of foreign central govern ments,

in clud ing devel op ment banks and insti tu tions, and other agencies that are major ity-owned by the central govern ment or its 

de part ments; and state provin cial and local govern ments of 

for eign countries and their depart ments and agencies. 

For eign-targeted issue (PDO-1, -3)—For eign-targeted is- sues were notes sold between Octo ber 1984 and Febru ary 

1986 to foreign insti tu tions, foreign branches of U.S. insti tutions, foreign central banks or mone tary author i ties, or to in­ ter na tional orga ni za tions in which the United States held 

mem ber ship. Sold as compan ion issues, they could be converted to domes tic (normal) Treasury notes with the same ma­ tu rity and inter est rates. Inter est was paid annu ally. 

Frac tional coins (USCC)—Coins minted in denom i na tions 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Gov ern ment account series (FD-2)—Cer tain trust fund statutes require the Secre tary of the Trea sury to apply monies held 

by these funds toward the issu ance of nonmar ket able special 

se cu ri ties. These secu ri ties are sold directly by Treasury to a 

spe cific Govern ment agency, trust fund or account. Their rate 

is based on an aver age of market yields on outstand ing Treasury obli ga tions, and they may be redeemed at the option of 

the holder. Roughly 80 percent of these are issued to five hold­ ers: the Federal Old-age and Survi vors Insur ance Trust Fund; 

the civil service retire ment and disabil ity fund; the Federal 

Hos pi tal Insur ance Trust Fund; the mili tary retire ment fund; 

and the Unem ploy ment Trust Fund. 

Interfund transac tions (“Federal Fiscal Oper ations”)—Trans ac tions in which payments are made from one 

fund group (either Federal funds or trust funds) to a receipt account in another group. 

In ter na tional Mone tary Fund (“Exchange Stabi li za tion 

Fund,” IFS-1)—(IMF) Estab lished by the United Nations, 

the IMF promotes inter na tional trade, stabil ity of exchange 

and mone tary coop er a tion. Members are allowed to draw from 

the fund. 

Intrabudgetary transac tions (“Federal Fiscal Oper ations”)—These occur when payment and receipt both occur 

within the budget, or when payment is made from off-budget

Fed eral enti ties whose budget author ity and outlays are ex­ cluded from the budget totals. 

Ma tured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstand ing savings bonds and notes that have 

reached final matu rity and no longer earn inter est. Includes all 

Se ries A-D, F, G, I, J and K bonds. Series E bonds (issued be- tween May 1941 and Novem ber 1965), Series EE (issued 

since Janu ary 1980), Series H (issued from June 1952 through

De cem ber 1979), and savings notes issued between May 1967 

and Octo ber 1970 have a final matu rity of 30 years. Series HH 

bonds (issued since Janu ary 1980) mature after 20 years. 

Non com pet i tive tenders (“Trea sury Financing Oper ations”)—Of fers by an inves tor to purchase Treasury secu ri­ ties at the price equiva lent to the weighted aver age discount 

rate or yield of accepted compet i tive tenders in a Treasury auction. Noncom pet i tive tenders are always accepted in full. 

Off-budget Federal enti ties (“Federal Fiscal Oper ations”)—Fed erally owned and controlled enti ties whose 

trans ac tions are excluded from the budget totals under provi­ sions of law. Their receipts, outlays, and surplus or defi cit are 

not included in budget receipts, outlays or defi cits. Their budget author ity is not included in totals of the budget. 

Out lays (“Federal Fiscal Oper a tions”)—Pay ments on obliga tions in the form of cash, checks, the issu ance of bonds or 

notes, or the matur ing of inter est coupons. 

Own foreign offices (“Capi tal Movements”)—Re fers to 

U.S. report ing insti tu tions’ parent orga ni za tions, branches 

and/or major ity-owned subsid iar ies located outside the 

United States. 

Par value—The face value of bonds or notes, includ ing inter­ est. 

Quar terly financ ing (“Trea sury Financing Oper a­ tions”)—Trea sury has histor i cally offered packages of several “coupon” secu rity issues on the 15th of Febru ary, May,

Au gust and Novem ber, or on the next working day. These is- sues currently consist of a 3-year note, a 10-year note and a 

30-year bond. Treasury sometimes offers addi tional amounts 

of outstand ing long-term notes or bonds, rather than selling 

new secu rity issues. (See Reopening.) 

Re ceipts (“Federal Fiscal Oper a tions”)—Funds collected 

from selling land, capi tal or services, as well as collec tions 

from the public (budget receipts), such as taxes, fines, duties 

and fees. 

Re opening (PDO-3, -4)—The offer for sale of addi tional 

amounts of outstand ing issues, rather than an entirely new issue. A reopened issue will always have the same matu rity date, 

CUSIP-number and inter est rate as the origi nal issue. 

Spe cial drawing rights (“Exchange Stabi li za tion Fund,” 

IFS-1)—In ter na tional assets created by IMF that serve to in- crease inter na tional liquid ity and provide addi tional inter national reserves. SDRs may be purchased and sold among

el i gi ble holders through IMF. (See IMF.) 

SDR allo ca tions are the counter part to SDRs issued by IMF 

based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as lia bil i ties, 

they must be redeemed by ESF only in the event of liqui da tion 

of, or U.S. withdrawal from, the SDR depart ment of IMF or 

can cel la tion of SDRs. 

SDR certif i cates are issued to the Federal Reserve System 

against SDRs when SDRs are legal ized as money. Proceeds of 

mon e ti za tion are depos ited into an ESF account at the Federal 

Re serve Bank of New York. 

Spot (“Foreign Currency Posi tions”)—Due for receipt or 

de liv ery within 2 workdays. 

State and local govern ment series (FD-2)—(SLUGs) Special nonmar ket able certif i cates, notes and bonds offered to 
135
 

Glos sary
 

State and local govern ments as a means to invest proceeds 

from their own tax-exempt financ ing. Inter est rates and matu­ ri ties comply with IRS arbi trage provi sions. SLUGs are offered in both time deposit and demand deposit forms. Time 

de posit certif i cates have matu ri ties of up to 1 year. Notes ma­ ture in 1 to 10 years and bonds mature in more than 10 years.

De mand deposit secu ri ties are 1-day certif i cates rolled over 

with a rate adjust ment daily. 

Stat u tory debt limit (FD-6)—By Act of Congress there is a 

limit, either tempo rary or perma nent, on the amount of public 

debt that may be outstand ing. When this limit is reached, Treasury may not sell new debt issues until Congress increases or 

ex tends the limit. For a detailed listing of changes in the limit 

since 1941, see the Budget of the United States Govern ment. 

(See debt outstand ing subject to limi ta tion.) 

STRIPS (PDO-1, -3)—Sep a rate Trading of Regis tered Inter­ est and Princi pal Secu ri ties. Long-term notes and bonds may 

be divided into princi pal and inter est-paying compo nents, 

which may be transferred and sold in amounts as small as 

$1,000. STRIPS are sold at auction at a mini mum par amount,

vary ing for each issue. The amount is an arithme tic function of 

the issue’s inter est rate. 

Trea sury bills—The shortest term Federal secu rity (matu rity 

dates normally varying from 3 to 12 months), they are sold at a 

dis count. 

Trust fund transac tion (“Federal Fiscal Oper ations”)—An intrabudgetary transac tion in which both payments and receipts occur within the same trust fund group. 

United States—In cludes the 50 States, District of Colum bia,

Com mon wealth of Puerto Rico, Ameri can Samoa, Midway

Is land, Virgin Islands, Wake Island and all other terri to ries and 

pos ses sions. 

U.S. notes (USCC)—Le gal tender notes of five differ ent is- sues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 

($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 

notes).